UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-05904
ELFUN GOVERNMENT MONEY MARKET FUND
(Exact name of registrant as specified in charter)
One Iron Street Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
(Name and Address of Agent for Service) | Copy to: | |
Sean O’Malley, Esq. Senior Vice President and General Counsel c/o SSGA Funds Management, Inc. One Iron Street Boston, Massachusetts 02210 | Adam M. Schlichtmann, Esq. Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, Massachusetts 02199-3600 |
Registrant’s telephone number, including area code: (617) 664-1465
Date of fiscal year end: December 31
Date of reporting period: June 30, 2024
Item 1. Report to Shareholders.
(a) | The Report to Shareholders is attached herewith. |
Elfun Government Money Market Fund
ELMXX
Semi-Annual Shareholder Report
June 30, 2024
This semi-annual shareholder report contains important information about the Elfun Government Money Market Fund (the "Fund") for the period ended June 30, 2024. You can find additional information about the Fund, including the Prospectus, Statement of Additional Information, financial statements and other information at www.ssga.com/us/en/individual/fund-finder?tab=documents&type=mf. You can also request this information about the Fund by contacting us at 1-800-242-0134.
What were the Fund costs for the last six months?
Fund Name | Cost of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
---|---|---|
Elfun Government Money Market Fund | $14 | 0.28% |
Key Fund Statistics
Statistic | Value |
---|---|
Total Net Assets | $141,150,765 |
# of Portfolio Holdings | 93 |
What did the Fund invest in?
Security Type
Asset | % Value of Total Net Assets |
U.S. Treasuries | 51.9% |
Repurchase Agreements | 36.2% |
U.S. Government Agency Obligations | 12.4% |
TSR SAR ELMXX
(b) | Not applicable. |
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to the Registrant.
Item 6. Investments.
(a) Schedules of Investments are included as part of the report to shareholders filed under Item 7(a) of this Form N-CSR.
(b) Not applicable to the Registrant.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) The Registrant’s Financial Statements are attached herewith.
(b) The Registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.
Elfun Funds |
Elfun International Equity Fund |
Elfun Trusts |
Elfun Diversified Fund |
Elfun Tax-Exempt Income Fund |
Elfun Income Fund |
Elfun Government Money Market Fund |
Page | |
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7 | |
40 | |
49 | |
69 | |
72 | |
72 | |
78 | |
80 | |
82 | |
85 | |
95 |
Number of Shares | Fair Value | |
Common Stock - 97.0% † | ||
Australia - 1.4% | ||
BHP Group Ltd., Class DI | 90,673 | $2,593,843 |
Brazil - 1.6% | ||
Itau Unibanco Holding SA ADR | 145,206 | 848,003 |
MercadoLibre, Inc. (a) | 1,200 | 1,972,080 |
2,820,083 | ||
Canada - 0.9% | ||
Brookfield Corp. | 37,095 | 1,542,519 |
France - 14.7% | ||
Air Liquide SA | 24,846 | 4,294,679 |
AXA SA | 66,203 | 2,169,036 |
BNP Paribas SA | 28,637 | 1,827,078 |
Cie de Saint-Gobain SA | 35,139 | 2,734,886 |
Dassault Systemes SE | 65,202 | 2,466,774 |
EssilorLuxottica SA | 18,719 | 4,036,494 |
LVMH Moet Hennessy Louis Vuitton SE | 6,502 | 4,972,737 |
Safran SA | 18,884 | 3,995,166 |
26,496,850 | ||
Germany - 7.8% | ||
adidas AG | 14,350 | 3,429,655 |
Infineon Technologies AG | 79,508 | 2,923,223 |
RWE AG | 62,384 | 2,136,180 |
SAP SE | 26,965 | 5,477,081 |
13,966,139 | ||
Hong Kong - 2.4% | ||
AIA Group Ltd. | 385,567 | 2,617,395 |
Prudential PLC | 193,794 | 1,759,900 |
4,377,295 | ||
Ireland - 0.8% | ||
Kerry Group PLC, Class A | 17,454 | 1,415,134 |
Japan - 20.4% | ||
Daikin Industries Ltd. | 18,800 | 2,614,423 |
Disco Corp. | 10,600 | 4,022,280 |
Hoya Corp. | 21,252 | 2,471,209 |
Komatsu Ltd. | 115,400 | 3,350,948 |
Mitsubishi UFJ Financial Group, Inc. | 436,926 | 4,696,289 |
Murata Manufacturing Co. Ltd. | 127,173 | 2,626,313 |
Recruit Holdings Co. Ltd. | 95,200 | 5,093,786 |
Number of Shares | Fair Value | |
Shiseido Co. Ltd. | 66,062 | $1,884,200 |
Sony Group Corp. | 50,400 | 4,273,629 |
Tokio Marine Holdings, Inc. | 149,394 | 5,576,967 |
36,610,044 | ||
Netherlands - 7.7% | ||
ASML Holding NV | 6,774 | 7,000,129 |
ING Groep NV | 210,514 | 3,601,322 |
Universal Music Group NV | 105,978 | 3,155,307 |
13,756,758 | ||
Norway - 1.7% | ||
Equinor ASA | 105,472 | 3,010,868 |
Portugal - 1.1% | ||
Galp Energia SGPS SA | 91,995 | 1,944,307 |
Singapore - 1.8% | ||
United Overseas Bank Ltd. | 141,900 | 3,280,374 |
Spain - 3.0% | ||
Cellnex Telecom SA (a)(b) | 89,575 | 2,915,582 |
Industria de Diseno Textil SA | 49,971 | 2,482,877 |
5,398,459 | ||
Sweden - 1.9% | ||
Assa Abloy AB, Class B | 122,186 | 3,456,679 |
Switzerland - 6.5% | ||
DSM-Firmenich AG | 30,484 | 3,450,083 |
Novartis AG | 53,085 | 5,681,265 |
Sika AG | 8,997 | 2,575,148 |
11,706,496 | ||
United Kingdom - 13.6% | ||
Ashtead Group PLC | 39,814 | 2,658,370 |
AstraZeneca PLC | 40,943 | 6,394,974 |
Diageo PLC | 84,014 | 2,643,900 |
London Stock Exchange Group PLC | 35,516 | 4,220,201 |
Rentokil Initial PLC | 509,027 | 2,967,641 |
Spirax Group PLC | 24,914 | 2,670,672 |
Standard Chartered PLC | 328,011 | 2,968,812 |
24,524,570 | ||
United States - 9.7% | ||
Experian PLC | 64,437 | 3,002,423 |
Nestle SA | 44,884 | 4,581,305 |
Roche Holding AG | 14,733 | 4,090,678 |
Elfun International Equity Fund | 1 |
Number of Shares | Fair Value | |
Schneider Electric SE | 23,780 | $5,716,561 |
17,390,967 | ||
Total Common Stock (Cost $118,337,202) | 174,291,385 | |
Short-Term Investments - 2.7% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 5.23% (c)(d) | 2,645,113 | 2,645,113 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (c)(d) | 2,243,868 | 2,243,868 |
Total Short-Term Investments (Cost $4,888,981) | 4,888,981 | |
Total Investments (Cost $123,226,183) | 179,180,366 | |
Other Assets and Liabilities, net - 0.3% | 484,918 | |
NET ASSETS - 100.0% | $179,665,284 |
The Fund had the following long futures contracts open at June 30, 2024: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
MSCI EAFE Mini Index Futures | September 2024 | 2 | $233,261 | $234,289 | $1,028 |
(a) | Non-income producing security. |
(b) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2024, these securities amounted to $2,915,582 or 1.62% of the net assets of the Elfun International Equity Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(c) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(d) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2024. |
2 | Elfun International Equity Fund |
Abbreviations: |
ADR - American Depositary Receipt |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $174,291,385 | $— | $— | $174,291,385 | |||
Short-Term Investments | 4,888,981 | — | — | 4,888,981 | |||
Total Investments in Securities | $179,180,366 | $— | $— | $179,180,366 | |||
Other Financial Instruments | |||||||
Long Futures Contracts - Unrealized Appreciation | $1,028 | $— | $— | $1,028 | |||
Total Other Financial Instruments | $1,028 | $— | $— | $1,028 |
Affiliate Table |
Number of Shares Held at 12/31/23 | Value at 12/31/23 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/24 | Value at 6/30/24 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 1,533,237 | $1,533,237 | $6,309,471 | $5,197,595 | $— | $— | 2,645,113 | $2,645,113 | $43,147 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 1,176,046 | 1,176,046 | 6,265,416 | 5,197,594 | — | — | 2,243,868 | 2,243,868 | 33,477 | |||||
TOTAL | $2,709,283 | $12,574,887 | $10,395,189 | $— | $— | $4,888,981 | $76,624 |
Elfun International Equity Fund | 3 |
Number of Shares | Fair Value | |
Common Stock - 99.2% † | ||
Apparel Retail - 1.0% | ||
Ross Stores, Inc. | 287,500 | $41,779,500 |
Application Software - 3.7% | ||
Adobe, Inc. (a) | 136,300 | 75,720,102 |
Salesforce, Inc. | 249,249 | 64,081,918 |
Synopsys, Inc. (a) | 29,900 | 17,792,294 |
157,594,314 | ||
Biotechnology - 2.3% | ||
BioMarin Pharmaceutical, Inc. (a) | 518,091 | 42,654,432 |
Vertex Pharmaceuticals, Inc. (a) | 115,442 | 54,109,974 |
96,764,406 | ||
Broadline Retail - 5.6% | ||
Amazon.com, Inc. (a) | 1,208,800 | 233,600,600 |
Construction Materials - 1.4% | ||
Martin Marietta Materials, Inc. | 110,300 | 59,760,540 |
Diversified Banks - 3.6% | ||
Bank of America Corp. | 752,500 | 29,926,925 |
JPMorgan Chase & Co. | 608,521 | 123,079,457 |
153,006,382 | ||
Electrical Components & Equipment - 1.3% | ||
Eaton Corp. PLC | 169,200 | 53,052,660 |
Environmental & Facilities Services - 1.5% | ||
Waste Management, Inc. | 286,500 | 61,121,910 |
Financial Exchanges & Data - 1.8% | ||
S&P Global, Inc. | 171,800 | 76,622,800 |
Healthcare Equipment - 1.8% | ||
Becton Dickinson & Co. | 325,800 | 76,142,718 |
Home Improvement Retail - 1.9% | ||
Home Depot, Inc. | 227,400 | 78,280,176 |
Industrial Gases - 1.7% | ||
Linde PLC | 158,500 | 69,551,385 |
Industrial Machinery & Supplies & Components - 1.7% | ||
Parker-Hannifin Corp. | 144,300 | 72,988,383 |
Integrated Oil & Gas - 2.2% | ||
Exxon Mobil Corp. | 794,537 | 91,467,099 |
Number of Shares | Fair Value | |
Interactive Media & Services - 10.6% | ||
Alphabet, Inc., Class A | 547,700 | $99,763,555 |
Alphabet, Inc., Class C | 928,200 | 170,250,444 |
Meta Platforms, Inc., Class A | 346,492 | 174,708,196 |
444,722,195 | ||
Life Sciences Tools & Services - 1.9% | ||
Thermo Fisher Scientific, Inc. | 146,700 | 81,125,100 |
Managed Healthcare - 2.4% | ||
UnitedHealth Group, Inc. | 201,056 | 102,389,779 |
Multi-Utilities - 1.7% | ||
CMS Energy Corp. | 1,203,200 | 71,626,496 |
Oil & Gas Exploration & Production - 1.6% | ||
ConocoPhillips | 580,600 | 66,409,028 |
Other Specialty Retail - 1.2% | ||
Ulta Beauty, Inc. (a) | 131,500 | 50,741,905 |
Packaged Foods & Meats - 1.1% | ||
Mondelez International, Inc., Class A | 704,983 | 46,134,088 |
Personal Care Products - 1.4% | ||
Kenvue, Inc. | 3,329,486 | 60,530,056 |
Pharmaceuticals - 4.5% | ||
Johnson & Johnson | 668,328 | 97,682,820 |
Merck & Co., Inc. | 755,576 | 93,540,309 |
191,223,129 | ||
Property & Casualty Insurance - 1.7% | ||
Chubb Ltd. | 279,000 | 71,167,320 |
Semiconductor Materials & Equipment - 2.4% | ||
Applied Materials, Inc. | 254,200 | 59,988,658 |
ASML Holding NV | 41,000 | 41,931,930 |
101,920,588 | ||
Semiconductors - 12.5% | ||
Broadcom, Inc. | 63,900 | 102,593,367 |
NVIDIA Corp. | 2,950,800 | 364,541,832 |
ON Semiconductor Corp. (a) | 845,300 | 57,945,315 |
525,080,514 | ||
Systems Software - 9.9% | ||
Microsoft Corp. | 847,135 | 378,626,988 |
4 | Elfun Trusts |
Number of Shares | Fair Value | |
ServiceNow, Inc. (a) | 47,900 | $37,681,493 |
416,308,481 | ||
Technology Hardware, Storage & Peripherals - 5.9% | ||
Apple, Inc. | 1,181,000 | 248,742,220 |
Telecom Tower REITs - 2.1% | ||
American Tower Corp. | 446,629 | 86,815,745 |
Trading Companies & Distributors - 1.9% | ||
United Rentals, Inc. | 120,367 | 77,844,950 |
Transaction & Payment Processing Services - 3.8% | ||
Mastercard, Inc., Class A | 162,300 | 71,600,268 |
Visa, Inc., Class A | 335,600 | 88,084,932 |
159,685,200 | ||
Water Utilities - 1.1% | ||
American Water Works Co., Inc. | 353,900 | 45,709,724 |
Total Common Stock (Cost $1,788,872,141) | 4,169,909,391 | |
Short-Term Investments - 0.8% | ||
State Street Institutional Treasury Money Market Fund - Premier Class 5.23% (b)(c) | 18,830,264 | 18,830,264 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (b)(c) | 15,669,048 | 15,669,048 |
Total Short-Term Investments (Cost $34,499,312) | 34,499,312 | |
Total Investments (Cost $1,823,371,453) | 4,204,408,703 | |
Other Assets and Liabilities, net - 0.0%* | 1,189,052 | |
NET ASSETS - 100.0% | $4,205,597,755 |
(a) | Non-income producing security. |
(b) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(c) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2024. |
* | Less than 0.05%. |
Abbreviations: |
REIT - Real Estate Investment Trust |
Elfun Trusts | 5 |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Common Stock | $4,169,909,391 | $— | $— | $4,169,909,391 | |||
Short-Term Investments | 34,499,312 | — | — | 34,499,312 | |||
Total Investments in Securities | $4,204,408,703 | $— | $— | $4,204,408,703 |
Affiliate Table |
Number of Shares Held at 12/31/23 | Value at 12/31/23 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/24 | Value at 6/30/24 | Dividend Income | ||||||
State Street Institutional Treasury Money Market Fund - Premier Class | 24,256,056 | $24,256,056 | $149,385,984 | $154,811,776 | $— | $— | 18,830,264 | $18,830,264 | $865,869 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 21,957,027 | 21,957,027 | 148,523,798 | 154,811,777 | — | — | 15,669,048 | 15,669,048 | 801,748 | |||||
TOTAL | $46,213,083 | $297,909,782 | $309,623,553 | $— | $— | $34,499,312 | $1,667,617 |
6 | Elfun Trusts |
Number of Shares | Fair Value | |
Domestic Equity - 43.3% † | ||
Common Stock - 43.3% | ||
Advertising - 0.0%* | ||
Interpublic Group of Cos., Inc. | 622 | $18,094 |
Omnicom Group, Inc. | 348 | 31,216 |
49,310 | ||
Aerospace & Defense - 0.8% | ||
Axon Enterprise, Inc. (a) | 116 | 34,132 |
Boeing Co. (a) | 976 | 177,642 |
General Dynamics Corp. | 391 | 113,445 |
General Electric Co. | 1,854 | 294,730 |
Howmet Aerospace, Inc. | 640 | 49,683 |
Huntington Ingalls Industries, Inc. | 63 | 15,519 |
L3Harris Technologies, Inc. | 320 | 71,866 |
Lockheed Martin Corp. | 366 | 170,958 |
Northrop Grumman Corp. | 239 | 104,192 |
RTX Corp. | 2,259 | 226,781 |
Textron, Inc. | 345 | 29,622 |
TransDigm Group, Inc. | 96 | 122,650 |
1,411,220 | ||
Agricultural & Farm Machinery - 0.1% | ||
Deere & Co. | 443 | 165,518 |
Agricultural Products & Services - 0.0%* | ||
Archer-Daniels-Midland Co. | 841 | 50,839 |
Bunge Global SA | 251 | 26,799 |
77,638 | ||
Air Freight & Logistics - 0.2% | ||
CH Robinson Worldwide, Inc. | 194 | 17,095 |
Expeditors International of Washington, Inc. | 228 | 28,452 |
FedEx Corp. | 390 | 116,938 |
United Parcel Service, Inc., Class B | 1,230 | 168,325 |
330,810 | ||
Apparel Retail - 0.2% | ||
Ross Stores, Inc. | 570 | 82,832 |
TJX Cos., Inc. | 1,940 | 213,594 |
296,426 | ||
Apparel, Accessories & Luxury Goods - 0.1% | ||
Lululemon Athletica, Inc. (a) | 189 | 56,454 |
Ralph Lauren Corp. | 61 | 10,679 |
Number of Shares | Fair Value | |
Tapestry, Inc. | 408 | $17,458 |
84,591 | ||
Application Software - 1.0% | ||
Adobe, Inc. (a) | 762 | 423,322 |
ANSYS, Inc. (a) | 152 | 48,868 |
Autodesk, Inc. (a) | 362 | 89,577 |
Cadence Design Systems, Inc. (a) | 468 | 144,027 |
Fair Isaac Corp. (a) | 43 | 64,012 |
Intuit, Inc. | 477 | 313,489 |
PTC, Inc. (a) | 210 | 38,151 |
Roper Technologies, Inc. | 181 | 102,022 |
Salesforce, Inc. | 1,650 | 424,215 |
Synopsys, Inc. (a) | 257 | 152,930 |
Tyler Technologies, Inc. (a) | 74 | 37,206 |
1,837,819 | ||
Asset Management & Custody Banks - 0.4% | ||
Ameriprise Financial, Inc. | 169 | 72,195 |
Bank of New York Mellon Corp. | 1,284 | 76,899 |
BlackRock, Inc. | 238 | 187,382 |
Blackstone, Inc. | 1,215 | 150,417 |
Franklin Resources, Inc. | 447 | 9,990 |
Invesco Ltd. | 809 | 12,103 |
KKR & Co., Inc. | 1,132 | 119,132 |
Northern Trust Corp. | 361 | 30,317 |
State Street Corp. (b) | 530 | 39,220 |
T Rowe Price Group, Inc. | 392 | 45,201 |
742,856 | ||
Automobile Manufacturers - 0.6% | ||
Ford Motor Co. | 6,604 | 82,814 |
General Motors Co. | 1,956 | 90,876 |
Tesla, Inc. (a) | 4,710 | 932,015 |
1,105,705 | ||
Automotive Parts & Equipment - 0.0%* | ||
Aptiv PLC (a) | 489 | 34,435 |
BorgWarner, Inc. | 361 | 11,639 |
46,074 | ||
Automotive Retail - 0.1% | ||
AutoZone, Inc. (a) | 30 | 88,923 |
CarMax, Inc. (a) | 265 | 19,435 |
O'Reilly Automotive, Inc. (a) | 100 | 105,606 |
213,964 |
Elfun Diversified Fund | 7 |
Number of Shares | Fair Value | |
Biotechnology - 0.8% | ||
AbbVie, Inc. | 3,011 | $516,447 |
Amgen, Inc. | 911 | 284,642 |
Biogen, Inc. (a) | 253 | 58,650 |
Gilead Sciences, Inc. | 2,096 | 143,807 |
Incyte Corp. (a) | 245 | 14,852 |
Moderna, Inc. (a) | 561 | 66,619 |
Regeneron Pharmaceuticals, Inc. (a) | 178 | 187,083 |
Vertex Pharmaceuticals, Inc. (a) | 439 | 205,768 |
1,477,868 | ||
Brewers - 0.0%* | ||
Molson Coors Beverage Co., Class B | 297 | 15,097 |
Broadcasting - 0.0%* | ||
Fox Corp., Class A | 397 | 13,645 |
Fox Corp., Class B | 195 | 6,244 |
Paramount Global, Class B | 719 | 7,470 |
27,359 | ||
Broadline Retail - 1.7% | ||
Amazon.com, Inc. (a) | 15,573 | 3,009,482 |
eBay, Inc. | 860 | 46,199 |
Etsy, Inc. (a) | 228 | 13,448 |
3,069,129 | ||
Building Products - 0.2% | ||
A O Smith Corp. | 200 | 16,356 |
Allegion PLC | 145 | 17,132 |
Builders FirstSource, Inc. (a) | 217 | 30,035 |
Carrier Global Corp. | 1,415 | 89,258 |
Johnson Controls International PLC | 1,153 | 76,640 |
Masco Corp. | 387 | 25,801 |
Trane Technologies PLC | 386 | 126,967 |
382,189 | ||
Cable & Satellite - 0.2% | ||
Charter Communications, Inc., Class A (a) | 161 | 48,133 |
Comcast Corp., Class A | 6,656 | 260,649 |
308,782 | ||
Cargo Ground Transportation - 0.0%* | ||
JB Hunt Transport Services, Inc. | 131 | 20,960 |
Number of Shares | Fair Value | |
Old Dominion Freight Line, Inc. | 313 | $55,276 |
76,236 | ||
Casinos & Gaming - 0.0%* | ||
Caesars Entertainment, Inc. (a) | 338 | 13,432 |
Las Vegas Sands Corp. | 607 | 26,860 |
MGM Resorts International (a) | 444 | 19,731 |
Wynn Resorts Ltd. | 160 | 14,320 |
74,343 | ||
Commodity Chemicals - 0.1% | ||
Dow, Inc. | 1,226 | 65,039 |
LyondellBasell Industries NV, Class A | 448 | 42,856 |
107,895 | ||
Communications Equipment - 0.3% | ||
Arista Networks, Inc. (a) | 428 | 150,005 |
Cisco Systems, Inc. | 6,852 | 325,538 |
F5, Inc. (a) | 99 | 17,051 |
Juniper Networks, Inc. | 523 | 19,069 |
Motorola Solutions, Inc. | 281 | 108,480 |
620,143 | ||
Computer & Electronics Retail - 0.0%* | ||
Best Buy Co., Inc. | 321 | 27,057 |
Construction & Engineering - 0.0%* | ||
Quanta Services, Inc. | 240 | 60,982 |
Construction Machinery & Heavy Transportation Equipment - 0.3% | ||
Caterpillar, Inc. | 832 | 277,139 |
Cummins, Inc. | 238 | 65,909 |
PACCAR, Inc. | 886 | 91,205 |
Westinghouse Air Brake Technologies Corp. | 300 | 47,415 |
481,668 | ||
Construction Materials - 0.1% | ||
Martin Marietta Materials, Inc. | 108 | 58,514 |
Vulcan Materials Co. | 232 | 57,694 |
116,208 | ||
Consumer Electronics - 0.0%* | ||
Garmin Ltd. | 268 | 43,663 |
8 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Consumer Finance - 0.2% | ||
American Express Co. | 973 | $225,298 |
Capital One Financial Corp. | 644 | 89,162 |
Discover Financial Services | 437 | 57,164 |
Synchrony Financial | 715 | 33,741 |
405,365 | ||
Consumer Staples Merchandise Retail - 0.7% | ||
Costco Wholesale Corp. | 752 | 639,193 |
Dollar General Corp. | 384 | 50,776 |
Dollar Tree, Inc. (a) | 363 | 38,758 |
Target Corp. | 783 | 115,915 |
Walmart, Inc. | 7,240 | 490,220 |
1,334,862 | ||
Copper - 0.1% | ||
Freeport-McMoRan, Inc. | 2,434 | 118,292 |
Data Center REITs - 0.1% | ||
Digital Realty Trust, Inc. | 546 | 83,019 |
Equinix, Inc. | 162 | 122,569 |
205,588 | ||
Data Processing & Outsourced Services - 0.0%* | ||
Broadridge Financial Solutions, Inc. | 195 | 38,415 |
Distillers & Vintners - 0.1% | ||
Brown-Forman Corp., Class B | 290 | 12,525 |
Constellation Brands, Inc., Class A | 266 | 68,437 |
80,962 | ||
Distributors - 0.0%* | ||
Genuine Parts Co. | 246 | 34,026 |
LKQ Corp. | 454 | 18,882 |
Pool Corp. | 63 | 19,362 |
72,270 | ||
Diversified Banks - 1.3% | ||
Bank of America Corp. | 11,570 | 460,139 |
Citigroup, Inc. | 3,238 | 205,483 |
Fifth Third Bancorp | 1,193 | 43,533 |
JPMorgan Chase & Co. | 4,883 | 987,636 |
KeyCorp | 1,592 | 22,622 |
PNC Financial Services Group, Inc. | 675 | 104,949 |
U.S. Bancorp | 2,640 | 104,808 |
Number of Shares | Fair Value | |
Wells Fargo & Co. | 5,928 | $352,064 |
2,281,234 | ||
Diversified Support Services - 0.1% | ||
Cintas Corp. | 146 | 102,238 |
Copart, Inc. (a) | 1,478 | 80,048 |
182,286 | ||
Drug Retail - 0.0%* | ||
Walgreens Boots Alliance, Inc. | 1,149 | 13,897 |
Electric Utilities - 0.7% | ||
Alliant Energy Corp. | 434 | 22,091 |
American Electric Power Co., Inc. | 890 | 78,089 |
Constellation Energy Corp. | 542 | 108,546 |
Duke Energy Corp. | 1,309 | 131,201 |
Edison International | 671 | 48,185 |
Entergy Corp. | 371 | 39,697 |
Evergy, Inc. | 385 | 20,393 |
Eversource Energy | 613 | 34,763 |
Exelon Corp. | 1,739 | 60,187 |
FirstEnergy Corp. | 907 | 34,711 |
NextEra Energy, Inc. | 3,495 | 247,481 |
NRG Energy, Inc. | 355 | 27,640 |
PG&E Corp. | 3,512 | 61,320 |
Pinnacle West Capital Corp. | 182 | 13,901 |
PPL Corp. | 1,294 | 35,779 |
Southern Co. | 1,879 | 145,754 |
Xcel Energy, Inc. | 966 | 51,594 |
1,161,332 | ||
Electrical Components & Equipment - 0.3% | ||
AMETEK, Inc. | 403 | 67,184 |
Eaton Corp. PLC | 680 | 213,214 |
Emerson Electric Co. | 969 | 106,745 |
Generac Holdings, Inc. (a) | 97 | 12,825 |
Hubbell, Inc. | 89 | 32,528 |
Rockwell Automation, Inc. | 200 | 55,056 |
487,552 | ||
Electronic Components - 0.1% | ||
Amphenol Corp., Class A | 2,038 | 137,300 |
Corning, Inc. | 1,345 | 52,253 |
189,553 | ||
Electronic Equipment & Instruments - 0.1% | ||
Keysight Technologies, Inc. (a) | 306 | 41,846 |
Elfun Diversified Fund | 9 |
Number of Shares | Fair Value | |
Teledyne Technologies, Inc. (a) | 77 | $29,874 |
Trimble, Inc. (a) | 427 | 23,878 |
Zebra Technologies Corp., Class A (a) | 84 | 25,950 |
121,548 | ||
Electronic Manufacturing Services - 0.1% | ||
Jabil, Inc. | 219 | 23,825 |
TE Connectivity Ltd. | 522 | 78,524 |
102,349 | ||
Environmental & Facilities Services - 0.1% | ||
Republic Services, Inc. | 357 | 69,379 |
Rollins, Inc. | 456 | 22,248 |
Veralto Corp. | 385 | 36,756 |
Waste Management, Inc. | 613 | 130,778 |
259,161 | ||
Fertilizers & Agricultural Chemicals - 0.1% | ||
CF Industries Holdings, Inc. | 309 | 22,903 |
Corteva, Inc. | 1,156 | 62,355 |
FMC Corp. | 198 | 11,395 |
Mosaic Co. | 528 | 15,259 |
111,912 | ||
Financial Exchanges & Data - 0.4% | ||
Cboe Global Markets, Inc. | 185 | 31,461 |
CME Group, Inc. | 611 | 120,123 |
FactSet Research Systems, Inc. | 67 | 27,354 |
Intercontinental Exchange, Inc. | 986 | 134,974 |
MarketAxess Holdings, Inc. | 62 | 12,433 |
Moody's Corp. | 267 | 112,388 |
MSCI, Inc. | 138 | 66,481 |
Nasdaq, Inc. | 642 | 38,687 |
S&P Global, Inc. | 547 | 243,962 |
787,863 | ||
Food Distributors - 0.0%* | ||
Sysco Corp. | 870 | 62,109 |
Food Retail - 0.0%* | ||
Kroger Co. | 1,157 | 57,769 |
Footwear - 0.1% | ||
Deckers Outdoor Corp. (a) | 45 | 43,558 |
Number of Shares | Fair Value | |
NIKE, Inc., Class B | 2,071 | $156,091 |
199,649 | ||
Gas Utilities - 0.0%* | ||
Atmos Energy Corp. | 255 | 29,746 |
Gold - 0.1% | ||
Newmont Corp. | 1,950 | 81,647 |
Health Care REITs - 0.1% | ||
Alexandria Real Estate Equities, Inc. | 267 | 31,231 |
Healthpeak Properties, Inc. | 1,192 | 23,363 |
Ventas, Inc. | 707 | 36,241 |
Welltower, Inc. | 1,017 | 106,022 |
196,857 | ||
Healthcare Distributors - 0.1% | ||
Cardinal Health, Inc. | 426 | 41,884 |
Cencora, Inc. | 289 | 65,112 |
Henry Schein, Inc. (a) | 209 | 13,397 |
McKesson Corp. | 221 | 129,073 |
249,466 | ||
Healthcare Equipment - 1.0% | ||
Abbott Laboratories | 2,958 | 307,366 |
Baxter International, Inc. | 893 | 29,871 |
Becton Dickinson & Co. | 497 | 116,154 |
Boston Scientific Corp. (a) | 2,492 | 191,909 |
Dexcom, Inc. (a) | 652 | 73,924 |
Edwards Lifesciences Corp. (a) | 1,027 | 94,864 |
GE HealthCare Technologies, Inc. | 740 | 57,661 |
Hologic, Inc. (a) | 386 | 28,660 |
IDEXX Laboratories, Inc. (a) | 140 | 68,208 |
Insulet Corp. (a) | 113 | 22,803 |
Intuitive Surgical, Inc. (a) | 600 | 266,910 |
Medtronic PLC | 2,262 | 178,042 |
ResMed, Inc. | 257 | 49,195 |
STERIS PLC | 173 | 37,980 |
Stryker Corp. | 575 | 195,644 |
Teleflex, Inc. | 75 | 15,775 |
Zimmer Biomet Holdings, Inc. | 366 | 39,722 |
1,774,688 | ||
Healthcare Facilities - 0.1% | ||
HCA Healthcare, Inc. | 325 | 104,416 |
10 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Universal Health Services, Inc., Class B | 97 | $17,938 |
122,354 | ||
Healthcare Services - 0.2% | ||
Cigna Group | 483 | 159,665 |
CVS Health Corp. | 2,108 | 124,499 |
DaVita, Inc. (a) | 85 | 11,779 |
Labcorp Holdings, Inc. | 140 | 28,491 |
Quest Diagnostics, Inc. | 191 | 26,144 |
350,578 | ||
Healthcare Supplies - 0.0%* | ||
Align Technology, Inc. (a) | 125 | 30,179 |
Cooper Cos., Inc. | 349 | 30,467 |
Solventum Corp. (a) | 219 | 11,581 |
72,227 | ||
Heavy Electrical Equipment - 0.0%* | ||
GE Vernova, Inc. (a) | 460 | 78,895 |
Home Building - 0.1% | ||
DR Horton, Inc. | 494 | 69,620 |
Lennar Corp., Class A | 407 | 60,997 |
NVR, Inc. (a) | 5 | 37,943 |
PulteGroup, Inc. | 372 | 40,957 |
209,517 | ||
Home Furnishings - 0.0%* | ||
Mohawk Industries, Inc. (a) | 83 | 9,428 |
Home Improvement Retail - 0.4% | ||
Home Depot, Inc. | 1,685 | 580,045 |
Lowe's Cos., Inc. | 979 | 215,830 |
795,875 | ||
Hotel & Resort REITs - 0.0%* | ||
Host Hotels & Resorts, Inc. | 1,151 | 20,695 |
Hotels, Resorts & Cruise Lines - 0.4% | ||
Airbnb, Inc., Class A (a) | 739 | 112,055 |
Booking Holdings, Inc. | 58 | 229,767 |
Carnival Corp. (a) | 1,699 | 31,805 |
Expedia Group, Inc. (a) | 220 | 27,718 |
Hilton Worldwide Holdings, Inc. | 427 | 93,171 |
Marriott International, Inc., Class A | 409 | 98,884 |
Number of Shares | Fair Value | |
Norwegian Cruise Line Holdings Ltd. (a) | 678 | $12,740 |
Royal Caribbean Cruises Ltd. (a) | 387 | 61,699 |
667,839 | ||
Household Products - 0.5% | ||
Church & Dwight Co., Inc. | 432 | 44,790 |
Clorox Co. | 218 | 29,750 |
Colgate-Palmolive Co. | 1,398 | 135,662 |
Kimberly-Clark Corp. | 570 | 78,774 |
Procter & Gamble Co. | 4,015 | 662,154 |
951,130 | ||
Human Resource & Employment Services - 0.1% | ||
Automatic Data Processing, Inc. | 692 | 165,173 |
Dayforce, Inc. (a) | 251 | 12,450 |
Paychex, Inc. | 528 | 62,600 |
Paycom Software, Inc. | 84 | 12,015 |
252,238 | ||
Independent Power Producers & Energy Traders - 0.0%* | ||
AES Corp. | 1,124 | 19,749 |
Vistra Corp. | 555 | 47,719 |
67,468 | ||
Industrial Conglomerates - 0.2% | ||
3M Co. | 936 | 95,650 |
Honeywell International, Inc. | 1,107 | 236,389 |
332,039 | ||
Industrial Gases - 0.3% | ||
Air Products & Chemicals, Inc. | 382 | 98,575 |
Linde PLC | 817 | 358,508 |
457,083 | ||
Industrial Machinery & Supplies & Components - 0.3% | ||
Dover Corp. | 225 | 40,601 |
Fortive Corp. | 614 | 45,497 |
IDEX Corp. | 129 | 25,955 |
Illinois Tool Works, Inc. | 461 | 109,239 |
Ingersoll Rand, Inc. | 669 | 60,772 |
Nordson Corp. | 93 | 21,570 |
Otis Worldwide Corp. | 668 | 64,302 |
Parker-Hannifin Corp. | 218 | 110,267 |
Pentair PLC | 280 | 21,468 |
Snap-on, Inc. | 86 | 22,480 |
Stanley Black & Decker, Inc. | 259 | 20,691 |
Elfun Diversified Fund | 11 |
Number of Shares | Fair Value | |
Xylem, Inc. | 421 | $57,100 |
599,942 | ||
Industrial REITs - 0.1% | ||
Prologis, Inc. | 1,571 | 176,439 |
Insurance Brokers - 0.3% | ||
Aon PLC, Class A | 370 | 108,625 |
Arthur J Gallagher & Co. | 367 | 95,167 |
Brown & Brown, Inc. | 415 | 37,105 |
Marsh & McLennan Cos., Inc. | 829 | 174,687 |
Willis Towers Watson PLC | 180 | 47,185 |
462,769 | ||
Integrated Oil & Gas - 0.8% | ||
Chevron Corp. | 2,915 | 455,964 |
Exxon Mobil Corp. | 7,628 | 878,135 |
Occidental Petroleum Corp. | 1,085 | 68,388 |
1,402,487 | ||
Integrated Telecommunication Services - 0.3% | ||
AT&T, Inc. | 12,170 | 232,569 |
Verizon Communications, Inc. | 7,162 | 295,361 |
527,930 | ||
Interactive Home Entertainment - 0.1% | ||
Electronic Arts, Inc. | 426 | 59,355 |
Take-Two Interactive Software, Inc. (a) | 262 | 40,738 |
100,093 | ||
Interactive Media & Services - 2.9% | ||
Alphabet, Inc., Class A | 9,989 | 1,819,497 |
Alphabet, Inc., Class C | 8,310 | 1,524,220 |
Match Group, Inc. (a) | 464 | 14,096 |
Meta Platforms, Inc., Class A | 3,726 | 1,878,724 |
5,236,537 | ||
Internet Services & Infrastructure - 0.0%* | ||
Akamai Technologies, Inc. (a) | 244 | 21,980 |
GoDaddy, Inc., Class A (a) | 240 | 33,530 |
VeriSign, Inc. (a) | 137 | 24,359 |
79,869 | ||
Investment Banking & Brokerage - 0.4% | ||
Charles Schwab Corp. | 2,532 | 186,583 |
Goldman Sachs Group, Inc. | 548 | 247,872 |
Morgan Stanley | 2,132 | 207,209 |
Number of Shares | Fair Value | |
Raymond James Financial, Inc. | 330 | $40,791 |
682,455 | ||
IT Consulting & Other Services - 0.4% | ||
Accenture PLC, Class A | 1,068 | 324,042 |
Cognizant Technology Solutions Corp., Class A | 871 | 59,228 |
EPAM Systems, Inc. (a) | 93 | 17,494 |
Gartner, Inc. (a) | 136 | 61,072 |
International Business Machines Corp. | 1,558 | 269,456 |
731,292 | ||
Leisure Products - 0.0%* | ||
Hasbro, Inc. | 207 | 12,110 |
Life & Health Insurance - 0.2% | ||
Aflac, Inc. | 890 | 79,486 |
Globe Life, Inc. | 133 | 10,943 |
MetLife, Inc. | 1,038 | 72,857 |
Principal Financial Group, Inc. | 386 | 30,282 |
Prudential Financial, Inc. | 596 | 69,845 |
263,413 | ||
Life Sciences Tools & Services - 0.5% | ||
Agilent Technologies, Inc. | 483 | 62,611 |
Bio-Rad Laboratories, Inc., Class A (a) | 31 | 8,466 |
Bio-Techne Corp. | 254 | 18,199 |
Charles River Laboratories International, Inc. (a) | 87 | 17,973 |
Danaher Corp. | 1,120 | 279,832 |
IQVIA Holdings, Inc. (a) | 301 | 63,644 |
Mettler-Toledo International, Inc. (a) | 37 | 51,711 |
Revvity, Inc. | 201 | 21,077 |
Thermo Fisher Scientific, Inc. | 649 | 358,897 |
Waters Corp. (a) | 101 | 29,302 |
West Pharmaceutical Services, Inc. | 119 | 39,197 |
950,909 | ||
Managed Healthcare - 0.7% | ||
Centene Corp. (a) | 933 | 61,858 |
Elevance Health, Inc. | 395 | 214,035 |
Humana, Inc. | 202 | 75,477 |
Molina Healthcare, Inc. (a) | 96 | 28,541 |
12 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
UnitedHealth Group, Inc. | 1,565 | $796,992 |
1,176,903 | ||
Metal, Glass & Plastic Containers - 0.0%* | ||
Ball Corp. | 553 | 33,191 |
Movies & Entertainment - 0.5% | ||
Live Nation Entertainment, Inc. (a) | 244 | 22,872 |
Netflix, Inc. (a) | 733 | 494,687 |
Walt Disney Co. | 3,100 | 307,799 |
Warner Bros Discovery, Inc. (a) | 3,902 | 29,031 |
854,389 | ||
Multi-Family Residential REITs - 0.1% | ||
AvalonBay Communities, Inc. | 248 | 51,309 |
Camden Property Trust | 178 | 19,421 |
Equity Residential | 605 | 41,951 |
Essex Property Trust, Inc. | 109 | 29,670 |
Mid-America Apartment Communities, Inc. | 206 | 29,377 |
UDR, Inc. | 499 | 20,534 |
192,262 | ||
Multi-Line Insurance - 0.1% | ||
American International Group, Inc. | 1,129 | 83,817 |
Multi-Sector Holdings - 0.7% | ||
Berkshire Hathaway, Inc., Class B (a) | 3,078 | 1,252,130 |
Multi-Utilities - 0.3% | ||
Ameren Corp. | 462 | 32,853 |
CenterPoint Energy, Inc. | 1,109 | 34,357 |
CMS Energy Corp. | 518 | 30,836 |
Consolidated Edison, Inc. | 604 | 54,010 |
Dominion Energy, Inc. | 1,414 | 69,286 |
DTE Energy Co. | 362 | 40,186 |
NiSource, Inc. | 692 | 19,936 |
Public Service Enterprise Group, Inc. | 871 | 64,193 |
Sempra | 1,065 | 81,004 |
WEC Energy Group, Inc. | 552 | 43,310 |
469,971 | ||
Office REITs - 0.0%* | ||
Boston Properties, Inc. | 222 | 13,666 |
Number of Shares | Fair Value | |
Oil & Gas Equipment & Services - 0.1% | ||
Baker Hughes Co. | 1,651 | $58,066 |
Halliburton Co. | 1,557 | 52,595 |
Schlumberger NV | 2,421 | 114,223 |
224,884 | ||
Oil & Gas Exploration & Production - 0.4% | ||
APA Corp. | 621 | 18,282 |
ConocoPhillips | 1,975 | 225,901 |
Coterra Energy, Inc. | 1,320 | 35,204 |
Devon Energy Corp. | 1,041 | 49,344 |
Diamondback Energy, Inc. | 295 | 59,056 |
EOG Resources, Inc. | 990 | 124,611 |
EQT Corp. | 700 | 25,886 |
Hess Corp. | 465 | 68,597 |
Marathon Oil Corp. | 999 | 28,641 |
635,522 | ||
Oil & Gas Refining & Marketing - 0.2% | ||
Marathon Petroleum Corp. | 599 | 103,914 |
Phillips 66 Co. | 729 | 102,913 |
Valero Energy Corp. | 556 | 87,159 |
293,986 | ||
Oil & Gas Storage & Transportation - 0.2% | ||
Kinder Morgan, Inc. | 3,183 | 63,246 |
ONEOK, Inc. | 985 | 80,327 |
Targa Resources Corp. | 391 | 50,353 |
Williams Cos., Inc. | 2,059 | 87,507 |
281,433 | ||
Other Specialized REITs - 0.1% | ||
Iron Mountain, Inc. | 512 | 45,886 |
VICI Properties, Inc. | 1,810 | 51,838 |
97,724 | ||
Other Specialty Retail - 0.1% | ||
Bath & Body Works, Inc. | 387 | 15,112 |
Tractor Supply Co. | 189 | 51,030 |
Ulta Beauty, Inc. (a) | 80 | 30,870 |
97,012 | ||
Packaged Foods & Meats - 0.3% | ||
Campbell Soup Co. | 311 | 14,054 |
Conagra Brands, Inc. | 782 | 22,224 |
General Mills, Inc. | 935 | 59,148 |
Hershey Co. | 242 | 44,487 |
Hormel Foods Corp. | 514 | 15,672 |
Elfun Diversified Fund | 13 |
Number of Shares | Fair Value | |
J M Smucker Co. | 173 | $18,864 |
Kellanova | 456 | 26,302 |
Kraft Heinz Co. | 1,396 | 44,979 |
Lamb Weston Holdings, Inc. | 252 | 21,188 |
McCormick & Co., Inc. | 442 | 31,355 |
Mondelez International, Inc., Class A | 2,281 | 149,269 |
Tyson Foods, Inc., Class A | 504 | 28,799 |
476,341 | ||
Paper & Plastic Packaging Products & Materials - 0.1% | ||
Amcor PLC | 2,356 | 23,042 |
Avery Dennison Corp. | 142 | 31,048 |
International Paper Co. | 611 | 26,364 |
Packaging Corp. of America | 153 | 27,932 |
Westrock Co. | 412 | 20,707 |
129,093 | ||
Passenger Airlines - 0.1% | ||
American Airlines Group, Inc. (a) | 1,081 | 12,247 |
Delta Air Lines, Inc. | 1,120 | 53,133 |
Southwest Airlines Co. | 964 | 27,580 |
United Airlines Holdings, Inc. (a) | 539 | 26,228 |
119,188 | ||
Passenger Ground Transportation - 0.1% | ||
Uber Technologies, Inc. (a) | 3,504 | 254,671 |
Personal Care Products - 0.1% | ||
Estee Lauder Cos., Inc., Class A | 408 | 43,411 |
Kenvue, Inc. | 3,145 | 57,176 |
100,587 | ||
Pharmaceuticals - 1.6% | ||
Bristol-Myers Squibb Co. | 3,458 | 143,611 |
Catalent, Inc. (a) | 288 | 16,194 |
Eli Lilly & Co. | 1,358 | 1,229,506 |
Johnson & Johnson | 4,081 | 596,479 |
Merck & Co., Inc. | 4,295 | 531,721 |
Pfizer, Inc. | 9,617 | 269,084 |
Viatris, Inc. | 2,118 | 22,514 |
Zoetis, Inc. | 776 | 134,527 |
2,943,636 | ||
Property & Casualty Insurance - 0.4% | ||
Allstate Corp. | 434 | 69,292 |
Number of Shares | Fair Value | |
Arch Capital Group Ltd. (a) | 648 | $65,377 |
Assurant, Inc. | 92 | 15,295 |
Chubb Ltd. | 689 | 175,750 |
Cincinnati Financial Corp. | 269 | 31,769 |
Hartford Financial Services Group, Inc. | 488 | 49,064 |
Loews Corp. | 311 | 23,244 |
Progressive Corp. | 996 | 206,879 |
Travelers Cos., Inc. | 386 | 78,489 |
W R Berkley Corp. | 350 | 27,503 |
742,662 | ||
Publishing - 0.0%* | ||
News Corp., Class A | 630 | 17,369 |
News Corp., Class B | 142 | 4,031 |
21,400 | ||
Rail Transportation - 0.2% | ||
CSX Corp. | 3,352 | 112,124 |
Norfolk Southern Corp. | 382 | 82,012 |
Union Pacific Corp. | 1,038 | 234,858 |
428,994 | ||
Real Estate Services - 0.1% | ||
CBRE Group, Inc., Class A (a) | 521 | 46,426 |
CoStar Group, Inc. (a) | 714 | 52,936 |
99,362 | ||
Regional Banks - 0.1% | ||
Citizens Financial Group, Inc. | 801 | 28,860 |
Huntington Bancshares, Inc. | 2,543 | 33,517 |
M&T Bank Corp. | 291 | 44,046 |
Regions Financial Corp. | 1,624 | 32,545 |
Truist Financial Corp. | 2,257 | 87,684 |
226,652 | ||
Reinsurance - 0.0%* | ||
Everest Group Ltd. | 76 | 28,958 |
Research & Consulting Services - 0.1% | ||
Equifax, Inc. | 216 | 52,371 |
Jacobs Solutions, Inc. | 221 | 30,876 |
Leidos Holdings, Inc. | 241 | 35,157 |
Verisk Analytics, Inc. | 243 | 65,501 |
183,905 | ||
Restaurants - 0.4% | ||
Chipotle Mexican Grill, Inc. (a) | 2,350 | 147,228 |
Darden Restaurants, Inc. | 194 | 29,356 |
14 | Elfun Diversified Fund |
Number of Shares | Fair Value | |
Domino's Pizza, Inc. | 59 | $30,463 |
McDonald's Corp. | 1,225 | 312,179 |
Starbucks Corp. | 1,906 | 148,382 |
Yum! Brands, Inc. | 463 | 61,329 |
728,937 | ||
Retail REITs - 0.1% | ||
Federal Realty Investment Trust | 115 | 11,611 |
Kimco Realty Corp. | 1,110 | 21,601 |
Realty Income Corp. | 1,481 | 78,226 |
Regency Centers Corp. | 265 | 16,483 |
Simon Property Group, Inc. | 552 | 83,794 |
211,715 | ||
Self Storage REITs - 0.1% | ||
Extra Space Storage, Inc. | 370 | 57,502 |
Public Storage | 262 | 75,364 |
132,866 | ||
Semiconductor Materials & Equipment - 0.5% | ||
Applied Materials, Inc. | 1,418 | 334,634 |
Enphase Energy, Inc. (a) | 232 | 23,133 |
KLA Corp. | 230 | 189,637 |
Lam Research Corp. | 223 | 237,461 |
Teradyne, Inc. | 269 | 39,890 |
824,755 | ||
Semiconductors - 4.7% | ||
Advanced Micro Devices, Inc. (a) | 2,755 | 446,889 |
Analog Devices, Inc. | 844 | 192,651 |
Broadcom, Inc. | 741 | 1,189,698 |
First Solar, Inc. (a) | 188 | 42,386 |
Intel Corp. | 7,197 | 222,891 |
Microchip Technology, Inc. | 915 | 83,723 |
Micron Technology, Inc. | 1,880 | 247,276 |
Monolithic Power Systems, Inc. | 79 | 64,913 |
NVIDIA Corp. | 41,813 | 5,165,578 |
ON Semiconductor Corp. (a) | 748 | 51,275 |
Qorvo, Inc. (a) | 156 | 18,102 |
QUALCOMM, Inc. | 1,903 | 379,040 |
Skyworks Solutions, Inc. | 273 | 29,096 |
Texas Instruments, Inc. | 1,549 | 301,327 |
8,434,845 | ||
Single-Family Residential REITs - 0.0%* | ||
Invitation Homes, Inc. | 973 | 34,921 |
Number of Shares | Fair Value | |
Soft Drinks & Non-alcoholic Beverages - 0.5% | ||
Coca-Cola Co. | 6,593 | $419,645 |
Keurig Dr Pepper, Inc. | 1,821 | 60,821 |
Monster Beverage Corp. (a) | 1,213 | 60,589 |
PepsiCo, Inc. | 2,343 | 386,431 |
927,486 | ||
Specialty Chemicals - 0.2% | ||
Albemarle Corp. | 202 | 19,295 |
Celanese Corp. | 173 | 23,336 |
DuPont de Nemours, Inc. | 711 | 57,228 |
Eastman Chemical Co. | 188 | 18,418 |
Ecolab, Inc. | 436 | 103,768 |
International Flavors & Fragrances, Inc. | 447 | 42,559 |
PPG Industries, Inc. | 412 | 51,867 |
Sherwin-Williams Co. | 400 | 119,372 |
435,843 | ||
Steel - 0.1% | ||
Nucor Corp. | 408 | 64,497 |
Steel Dynamics, Inc. | 239 | 30,950 |
95,447 | ||
Systems Software - 3.7% | ||
Crowdstrike Holdings, Inc., Class A (a) | 392 | 150,210 |
Fortinet, Inc. (a) | 1,050 | 63,284 |
Gen Digital, Inc. | 923 | 23,057 |
Microsoft Corp. | 12,634 | 5,646,766 |
Oracle Corp. | 2,717 | 383,640 |
Palo Alto Networks, Inc. (a) | 543 | 184,082 |
ServiceNow, Inc. (a) | 349 | 274,548 |
6,725,587 | ||
Technology Distributors - 0.0%* | ||
CDW Corp. | 234 | 52,379 |
Technology Hardware, Storage & Peripherals - 3.0% | ||
Apple, Inc. | 24,501 | 5,160,401 |
Hewlett Packard Enterprise Co. | 2,148 | 45,473 |
HP, Inc. | 1,422 | 49,799 |
NetApp, Inc. | 361 | 46,497 |
Seagate Technology Holdings PLC | 320 | 33,046 |
Super Micro Computer, Inc. (a) | 83 | 68,006 |
Elfun Diversified Fund | 15 |
Number of Shares | Fair Value | |
Western Digital Corp. (a) | 569 | $43,113 |
5,446,335 | ||
Telecom Tower REITs - 0.2% | ||
American Tower Corp. | 803 | 156,087 |
Crown Castle, Inc. | 733 | 71,614 |
SBA Communications Corp. | 178 | 34,942 |
262,643 | ||
Timber REITs - 0.0%* | ||
Weyerhaeuser Co. | 1,280 | 36,339 |
Tobacco - 0.2% | ||
Altria Group, Inc. | 2,921 | 133,052 |
Philip Morris International, Inc. | 2,644 | 267,916 |
400,968 | ||
Trading Companies & Distributors - 0.1% | ||
Fastenal Co. | 1,000 | 62,840 |
United Rentals, Inc. | 113 | 73,080 |
WW Grainger, Inc. | 74 | 66,766 |
202,686 | ||
Transaction & Payment Processing Services - 1.0% | ||
Corpay, Inc. (a) | 123 | 32,768 |
Fidelity National Information Services, Inc. | 946 | 71,291 |
Fiserv, Inc. (a) | 995 | 148,295 |
Global Payments, Inc. | 418 | 40,421 |
Jack Henry & Associates, Inc. | 125 | 20,753 |
Mastercard, Inc., Class A | 1,396 | 615,859 |
PayPal Holdings, Inc. (a) | 1,782 | 103,409 |
Visa, Inc., Class A | 2,677 | 702,632 |
1,735,428 | ||
Water Utilities - 0.0%* | ||
American Water Works Co., Inc. | 341 | 44,044 |
Wireless Telecommunication Services - 0.1% | ||
T-Mobile U.S., Inc. | 877 | 154,510 |
Total Common Stock (Cost $46,350,746) | 77,820,606 | |
Total Domestic Equity (Cost $46,350,746) | 77,820,606 |
Number of Shares | Fair Value | |
Foreign Equity - 0.1% | ||
Common Stock - 0.1% | ||
Semiconductors - 0.1% | ||
NXP Semiconductors NV | 438 | $117,861 |
Total Common Stock (Cost $77,748) | 117,861 | |
Total Foreign Equity (Cost $77,748) | 117,861 | |
Principal Amount | ||
Bonds and Notes - 29.5% | ||
U.S. Treasuries - 9.9% | ||
U.S. Treasury Bonds | ||
2.25% 08/15/46 | $664,000 | 442,494 |
3.00% 08/15/48 | 1,568,600 | 1,190,175 |
4.13% 08/15/53 | 432,000 | 402,367 |
4.38% 08/15/43 | 609,000 | 587,970 |
U.S. Treasury Notes | ||
0.25% 07/31/25 | 496,200 | 471,216 |
0.75% 01/31/28 | 4,596,000 | 4,035,144 |
1.63% 05/15/31 | 351,000 | 294,621 |
2.75% 08/15/32 | 213,000 | 189,537 |
3.50% 04/30/28 | 904,000 | 874,408 |
3.88% 12/31/27 - 08/15/33 | 2,781,000 | 2,677,194 |
4.25% 10/15/25 - 12/31/25 | 2,446,000 | 2,422,623 |
4.63% 10/15/26 - 05/31/31 | 3,354,000 | 3,388,487 |
5.00% 09/30/25 | 848,000 | 847,669 |
17,823,905 | ||
Agency Mortgage Backed - 8.3% | ||
Federal Home Loan Mortgage Corp. | ||
3.00% 04/01/43 - 10/01/49 | 1,200,787 | 1,049,687 |
4.50% 06/01/33 - 02/01/35 | 634 | 619 |
5.00% 07/01/35 | 5,774 | 5,729 |
5.50% 01/01/38 - 04/01/39 | 9,853 | 9,994 |
6.00% 06/01/33 - 11/01/37 | 24,453 | 25,263 |
6.50% 11/01/28 | 222 | 226 |
7.00% 12/01/29 - 08/01/36 | 6,679 | 7,086 |
7.50% 09/01/33 | 756 | 784 |
8.00% 07/01/26 - 11/01/30 | 692 | 718 |
8.50% 04/01/30 | 1,959 | 2,115 |
Federal National Mortgage Association | ||
2.50% 03/01/51 | 589,224 | 481,010 |
3.00% 03/01/50 | 214,587 | 185,155 |
3.50% 08/01/45 - 01/01/48 | 503,289 | 454,262 |
4.00% 01/01/41 - 01/01/50 | 461,253 | 429,293 |
16 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
4.50% 07/01/33 - 12/01/48 | $223,593 | $215,415 |
5.00% 03/01/34 - 05/01/39 | 17,446 | 17,309 |
5.50% 07/01/33 - 01/01/39 | 37,366 | 37,838 |
6.00% 02/01/29 - 05/01/41 | 124,088 | 127,375 |
6.50% 07/01/29 - 08/01/36 | 3,255 | 3,383 |
7.00% 05/01/33 - 12/01/33 | 408 | 430 |
7.50% 12/01/26 - 03/01/33 | 1,366 | 1,405 |
8.00% 09/01/30 | 164 | 167 |
Federal National Mortgage Association 1 yr. USD RFUCCT + 1.60% | ||
6.97% 04/01/37 (c) | 225 | 225 |
Government National Mortgage Association | ||
3.00% 12/20/42 - 05/20/45 | 1,139,740 | 1,014,237 |
3.50% 08/20/48 | 193,058 | 175,087 |
4.00% 01/20/41 - 04/20/43 | 97,712 | 92,620 |
4.50% 08/15/33 - 03/20/41 | 40,242 | 39,395 |
5.00% 08/15/33 | 2,005 | 1,997 |
6.00% 07/15/33 - 04/15/34 | 3,220 | 3,308 |
6.50% 06/15/34 - 07/15/36 | 5,109 | 5,305 |
7.00% 04/15/28 - 10/15/36 | 1,254 | 1,305 |
7.50% 04/15/28 | 2,551 | 2,574 |
8.00% 05/15/30 | 102 | 104 |
Government National Mortgage Association REMICS 30 day USD SOFR Average + 5.85% | ||
0.52% 05/20/64 (c)(d) | 1,766,336 | 69,312 |
Uniform Mortgage-Backed Security, TBA | ||
2.00% 07/01/54 | 2,324,752 | 1,818,075 |
2.50% 07/01/54 | 2,828,274 | 2,309,470 |
3.00% 07/01/54 | 2,118,007 | 1,801,321 |
3.50% 07/01/54 | 2,034,827 | 1,800,323 |
4.50% 07/01/54 | 350,000 | 329,945 |
5.00% 07/01/54 | 1,943,358 | 1,877,781 |
5.50% 07/01/39 | 503,601 | 504,583 |
14,902,230 | ||
Agency Collateralized Mortgage Obligations - 0.2% | ||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | ||
2.51% 07/25/29 | 224,000 | 201,610 |
4.05% 09/25/28 (c) | 71,000 | 68,872 |
Federal Home Loan Mortgage Corp. REMICS | ||
5.50% 06/15/33 (d) | 1,649 | 215 |
7.50% 07/15/27 (d) | 891 | 56 |
Principal Amount | Fair Value | |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00% 08/01/27 (e) | $43 | $39 |
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | ||
0.08% 09/25/43 (c)(d) | 71,122 | 1,244 |
Federal National Mortgage Association Interest STRIPS | ||
4.50% 08/25/35 - 01/25/36 (d) | 3,767 | 494 |
5.00% 03/25/38 - 05/25/38 (d) | 2,489 | 397 |
5.50% 12/25/33 (d) | 900 | 150 |
6.00% 01/25/35 (d) | 2,540 | 434 |
Federal National Mortgage Association REMICS | ||
1.18% 12/25/42 (c)(d) | 13,928 | 371 |
5.00% 09/25/40 (d) | 3,013 | 294 |
Federal National Mortgage Association REMICS 30 day USD SOFR Average + 5.89% | ||
0.55% 07/25/38 (c)(d) | 2,877 | 204 |
Federal National Mortgage Association REMICS 30 day USD SOFR Average + 6.44% | ||
1.10% 11/25/41 (c)(d) | 413,032 | 42,871 |
317,251 | ||
Corporate Notes - 9.4% | ||
3M Co. | ||
3.13% 09/19/46 | 12,000 | 8,073 |
7-Eleven, Inc. | ||
0.95% 02/10/26 (f) | 66,000 | 61,466 |
Abbott Laboratories | ||
3.75% 11/30/26 | 12,000 | 11,705 |
4.90% 11/30/46 | 11,000 | 10,359 |
AbbVie, Inc. | ||
2.60% 11/21/24 | 24,000 | 23,742 |
2.95% 11/21/26 | 26,000 | 24,775 |
3.20% 05/14/26 - 11/21/29 | 22,000 | 20,769 |
4.05% 11/21/39 | 4,000 | 3,471 |
4.25% 11/21/49 | 15,000 | 12,483 |
4.30% 05/14/36 | 10,000 | 9,193 |
4.40% 11/06/42 | 8,000 | 7,027 |
4.63% 10/01/42 | 3,000 | 2,702 |
4.70% 05/14/45 | 2,000 | 1,807 |
4.88% 11/14/48 | 3,000 | 2,755 |
5.05% 03/15/34 | 98,000 | 97,697 |
Elfun Diversified Fund | 17 |
Principal Amount | Fair Value | |
5.40% 03/15/54 | $11,000 | $10,884 |
5.50% 03/15/64 | 13,000 | 12,829 |
Advanced Micro Devices, Inc. | ||
4.39% 06/01/52 | 29,000 | 24,475 |
AEP Texas, Inc. | ||
3.45% 05/15/51 | 23,000 | 15,136 |
5.70% 05/15/34 | 36,000 | 35,751 |
AEP Transmission Co. LLC | ||
5.40% 03/15/53 | 13,000 | 12,444 |
Aetna, Inc. | ||
3.50% 11/15/24 | 7,000 | 6,942 |
Aircastle Ltd. | ||
4.25% 06/15/26 | 9,000 | 8,773 |
Alexandria Real Estate Equities, Inc. | ||
1.88% 02/01/33 | 17,000 | 12,793 |
2.95% 03/15/34 | 16,000 | 12,940 |
3.55% 03/15/52 | 14,000 | 9,391 |
4.70% 07/01/30 | 2,000 | 1,932 |
Allstate Corp. | ||
4.20% 12/15/46 | 16,000 | 12,917 |
Allstate Corp. 3 mo. Term SOFR + 3.20% | ||
8.52% 08/15/53 (c) | 21,000 | 20,999 |
Ally Financial, Inc. | ||
2.20% 11/02/28 | 20,000 | 17,322 |
Altria Group, Inc. | ||
3.40% 05/06/30 - 02/04/41 | 37,000 | 31,241 |
4.00% 02/04/61 | 2,000 | 1,385 |
4.25% 08/09/42 | 2,000 | 1,590 |
4.45% 05/06/50 | 3,000 | 2,303 |
4.50% 05/02/43 | 3,000 | 2,465 |
Amazon.com, Inc. | ||
1.50% 06/03/30 | 6,000 | 4,999 |
2.50% 06/03/50 | 22,000 | 13,456 |
2.70% 06/03/60 | 3,000 | 1,766 |
2.88% 05/12/41 | 13,000 | 9,544 |
3.15% 08/22/27 | 2,000 | 1,900 |
3.25% 05/12/61 | 6,000 | 4,002 |
4.05% 08/22/47 | 3,000 | 2,499 |
4.25% 08/22/57 | 3,000 | 2,513 |
Ameren Corp. | ||
3.65% 02/15/26 | 4,000 | 3,879 |
American Electric Power Co., Inc. | ||
2.30% 03/01/30 | 23,000 | 19,583 |
3.25% 03/01/50 | 2,000 | 1,312 |
American Honda Finance Corp. | ||
5.85% 10/04/30 | 64,000 | 66,765 |
Principal Amount | Fair Value | |
American International Group, Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 mo. Term SOFR thereafter) | ||
5.75% 04/01/48 (c) | $2,000 | $1,957 |
American Tower Corp. | ||
1.50% 01/31/28 | 33,000 | 28,910 |
2.90% 01/15/30 | 3,000 | 2,645 |
3.80% 08/15/29 | 20,000 | 18,591 |
American Water Capital Corp. | ||
2.95% 09/01/27 | 10,000 | 9,361 |
5.45% 03/01/54 | 35,000 | 33,802 |
Amgen, Inc. | ||
2.00% 01/15/32 | 73,000 | 58,782 |
3.00% 01/15/52 | 6,000 | 3,919 |
3.15% 02/21/40 | 13,000 | 9,716 |
3.38% 02/21/50 | 3,000 | 2,107 |
4.66% 06/15/51 | 3,000 | 2,560 |
5.51% 03/02/26 | 30,000 | 29,999 |
5.60% 03/02/43 | 17,000 | 16,751 |
5.65% 03/02/53 | 17,000 | 16,751 |
5.75% 03/02/63 | 16,000 | 15,687 |
AngloGold Ashanti Holdings PLC | ||
3.38% 11/01/28 | 200,000 | 179,430 |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | ||
4.70% 02/01/36 | 25,000 | 23,822 |
4.90% 02/01/46 | 11,000 | 10,130 |
Anheuser-Busch InBev Worldwide, Inc. | ||
3.50% 06/01/30 | 10,000 | 9,289 |
4.35% 06/01/40 | 10,000 | 8,821 |
4.38% 04/15/38 | 16,000 | 14,563 |
4.60% 04/15/48 | 3,000 | 2,654 |
4.75% 04/15/58 | 8,000 | 7,084 |
5.55% 01/23/49 | 14,000 | 14,104 |
Aon Corp./Aon Global Holdings PLC | ||
2.90% 08/23/51 | 14,000 | 8,547 |
Apollo Debt Solutions BDC | ||
6.90% 04/13/29 (f) | 30,000 | 30,161 |
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 yr. CMT thereafter) | ||
4.95% 01/14/50 (c)(f) | 21,000 | 20,495 |
Apple, Inc. | ||
2.20% 09/11/29 | 12,000 | 10,644 |
18 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
2.65% 02/08/51 | $38,000 | $24,012 |
2.80% 02/08/61 | 15,000 | 9,160 |
2.95% 09/11/49 | 3,000 | 2,049 |
3.35% 02/09/27 | 2,000 | 1,929 |
3.45% 02/09/45 | 17,000 | 13,193 |
3.85% 08/04/46 | 10,000 | 8,162 |
3.95% 08/08/52 | 12,000 | 9,741 |
4.85% 05/10/53 | 40,000 | 38,768 |
Applied Materials, Inc. | ||
4.35% 04/01/47 | 2,000 | 1,746 |
4.80% 06/15/29 | 50,000 | 49,924 |
Aptiv PLC | ||
4.40% 10/01/46 | 3,000 | 2,341 |
ArcelorMittal SA | ||
4.55% 03/11/26 | 69,000 | 67,743 |
6.00% 06/17/34 | 22,000 | 21,987 |
6.35% 06/17/54 | 36,000 | 34,996 |
6.80% 11/29/32 | 16,000 | 16,880 |
Archer-Daniels-Midland Co. | ||
2.50% 08/11/26 | 3,000 | 2,843 |
ARES Capital Corp. | ||
2.88% 06/15/28 | 21,000 | 18,611 |
3.25% 07/15/25 | 48,000 | 46,675 |
Arthur J Gallagher & Co. | ||
3.50% 05/20/51 | 8,000 | 5,518 |
Ascension Health | ||
4.85% 11/15/53 | 9,000 | 8,565 |
Ashtead Capital, Inc. | ||
5.55% 05/30/33 (f) | 200,000 | 194,884 |
Astrazeneca Finance LLC | ||
1.75% 05/28/28 | 30,000 | 26,599 |
5.00% 02/26/34 | 35,000 | 34,798 |
AstraZeneca PLC | ||
3.00% 05/28/51 | 9,000 | 6,021 |
4.00% 01/17/29 | 2,000 | 1,927 |
4.38% 08/17/48 | 2,000 | 1,720 |
AT&T, Inc. | ||
2.75% 06/01/31 | 75,000 | 64,234 |
3.65% 06/01/51 | 54,000 | 38,134 |
3.85% 06/01/60 | 19,000 | 13,258 |
4.35% 03/01/29 | 28,000 | 27,139 |
4.50% 05/15/35 | 9,000 | 8,287 |
4.55% 03/09/49 | 3,000 | 2,486 |
4.75% 05/15/46 | 3,000 | 2,597 |
4.85% 03/01/39 | 10,000 | 9,161 |
5.40% 02/15/34 | 21,000 | 21,001 |
Athene Holding Ltd. | ||
4.13% 01/12/28 | 3,000 | 2,892 |
6.15% 04/03/30 | 10,000 | 10,338 |
Principal Amount | Fair Value | |
Atmos Energy Corp. | ||
6.20% 11/15/53 | $15,000 | $16,169 |
Avangrid, Inc. | ||
3.15% 12/01/24 | 17,000 | 16,801 |
Bain Capital Specialty Finance, Inc. | ||
2.95% 03/10/26 | 25,000 | 23,517 |
Bank of America Corp. | ||
3.25% 10/21/27 | 32,000 | 30,271 |
4.18% 11/25/27 | 15,000 | 14,479 |
4.25% 10/22/26 | 88,000 | 85,774 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09% 06/14/29 (c) | 39,000 | 34,605 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97% 07/21/52 (c) | 28,000 | 18,263 |
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 mo. Term SOFR thereafter) | ||
3.42% 12/20/28 (c) | 26,000 | 24,443 |
Bank of America Corp. (3.56% fixed rate until 04/23/26; 1.32% + 3 mo. Term SOFR thereafter) | ||
3.56% 04/23/27 (c) | 13,000 | 12,572 |
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 mo. Term SOFR thereafter) | ||
3.71% 04/24/28 (c) | 17,000 | 16,285 |
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 yr. CMT thereafter) | ||
3.85% 03/08/37 (c) | 22,000 | 19,344 |
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 mo. Term SOFR thereafter) | ||
3.95% 01/23/49 (c) | 11,000 | 8,658 |
Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 mo. Term SOFR thereafter) | ||
4.24% 04/24/38 (c) | 10,000 | 8,844 |
Elfun Diversified Fund | 19 |
Principal Amount | Fair Value | |
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3 mo. Term SOFR thereafter) | ||
4.27% 07/23/29 (c) | $6,000 | $5,780 |
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3 mo. Term SOFR thereafter) | ||
4.30% 01/28/25 (c) | 23,000 | 22,599 |
Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | ||
5.29% 04/25/34 (c) | 50,000 | 49,477 |
Bank of America Corp. (5.47% fixed rate until 01/23/34; 1.65% + SOFR thereafter) | ||
5.47% 01/23/35 (c) | 30,000 | 29,962 |
Bank of America Corp. (5.87% fixed rate until 09/15/33; 1.84% + SOFR thereafter) | ||
5.87% 09/15/34 (c) | 152,000 | 156,326 |
Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 mo. Term SOFR thereafter) | ||
4.63% 09/20/26 (c) | 38,000 | 36,592 |
Bank of Nova Scotia 3 mo. Term SOFR + 2.91% | ||
8.21% 10/12/24 (c) | 22,000 | 21,499 |
BAT Capital Corp. | ||
2.73% 03/25/31 | 11,000 | 9,287 |
4.39% 08/15/37 | 6,000 | 5,062 |
4.54% 08/15/47 | 3,000 | 2,305 |
5.83% 02/20/31 | 80,000 | 81,093 |
6.00% 02/20/34 | 23,000 | 23,249 |
7.08% 08/02/53 | 11,000 | 11,708 |
Baxter International, Inc. | ||
1.92% 02/01/27 | 49,000 | 44,904 |
2.27% 12/01/28 | 16,000 | 14,095 |
2.54% 02/01/32 | 10,000 | 8,203 |
3.13% 12/01/51 | 11,000 | 6,913 |
3.95% 04/01/30 | 13,000 | 12,129 |
Baylor Scott & White Holdings | ||
2.84% 11/15/50 | 3,000 | 1,964 |
Becton Dickinson & Co. | ||
3.70% 06/06/27 | 13,000 | 12,512 |
4.67% 06/06/47 | 3,000 | 2,616 |
4.69% 12/15/44 | 2,000 | 1,760 |
5.11% 02/08/34 | 37,000 | 36,399 |
Principal Amount | Fair Value | |
Berkshire Hathaway Energy Co. | ||
3.25% 04/15/28 | $2,000 | $1,877 |
3.70% 07/15/30 | 45,000 | 41,861 |
3.80% 07/15/48 | 2,000 | 1,473 |
4.25% 10/15/50 | 28,000 | 21,964 |
Berkshire Hathaway Finance Corp. | ||
2.85% 10/15/50 | 51,000 | 32,812 |
4.25% 01/15/49 | 12,000 | 10,254 |
Berry Global, Inc. | ||
4.88% 07/15/26 (f) | 10,000 | 9,817 |
BHP Billiton Finance USA Ltd. | ||
5.25% 09/08/33 | 20,000 | 20,021 |
5.50% 09/08/53 | 6,000 | 5,947 |
Biogen, Inc. | ||
2.25% 05/01/30 | 2,000 | 1,702 |
BlackRock TCP Capital Corp. | ||
6.95% 05/30/29 | 85,000 | 82,985 |
Block Financial LLC | ||
2.50% 07/15/28 | 11,000 | 9,859 |
3.88% 08/15/30 | 3,000 | 2,751 |
Boardwalk Pipelines LP | ||
4.80% 05/03/29 | 3,000 | 2,932 |
Boeing Co. | ||
2.20% 02/04/26 | 48,000 | 45,149 |
2.70% 02/01/27 | 26,000 | 23,976 |
2.95% 02/01/30 | 3,000 | 2,571 |
3.25% 03/01/28 | 2,000 | 1,822 |
3.55% 03/01/38 | 2,000 | 1,449 |
3.75% 02/01/50 | 26,000 | 17,059 |
5.04% 05/01/27 | 31,000 | 30,320 |
5.15% 05/01/30 | 8,000 | 7,680 |
5.81% 05/01/50 | 6,000 | 5,417 |
Boston Properties LP | ||
3.40% 06/21/29 | 23,000 | 20,444 |
Boston Scientific Corp. | ||
4.70% 03/01/49 | 3,000 | 2,672 |
BP Capital Markets America, Inc. | ||
3.00% 02/24/50 | 11,000 | 7,163 |
3.38% 02/08/61 | 24,000 | 15,854 |
4.81% 02/13/33 | 21,000 | 20,361 |
5.23% 11/17/34 | 65,000 | 64,521 |
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 yr. CMT thereafter) | ||
4.38% 06/22/25 (c) | 5,000 | 4,904 |
20 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 yr. CMT thereafter) | ||
4.88% 03/22/30 (c) | $17,000 | $16,062 |
Bristol-Myers Squibb Co. | ||
1.45% 11/13/30 | 11,000 | 8,920 |
2.35% 11/13/40 | 2,000 | 1,324 |
3.20% 06/15/26 | 2,000 | 1,928 |
3.40% 07/26/29 | 2,000 | 1,864 |
3.55% 03/15/42 | 4,000 | 3,108 |
4.13% 06/15/39 | 4,000 | 3,470 |
4.25% 10/26/49 | 4,000 | 3,257 |
4.35% 11/15/47 | 3,000 | 2,497 |
4.55% 02/20/48 | 2,000 | 1,716 |
5.20% 02/22/34 | 35,000 | 34,934 |
Brixmor Operating Partnership LP | ||
2.25% 04/01/28 | 23,000 | 20,508 |
3.90% 03/15/27 | 2,000 | 1,921 |
Broadcom, Inc. | ||
3.19% 11/15/36 (f) | 3,000 | 2,373 |
3.42% 04/15/33 (f) | 44,000 | 37,922 |
3.47% 04/15/34 (f) | 13,000 | 11,079 |
4.15% 11/15/30 | 14,000 | 13,226 |
4.30% 11/15/32 | 2,000 | 1,869 |
4.93% 05/15/37 (f) | 17,000 | 15,984 |
Brown-Forman Corp. | ||
4.00% 04/15/38 | 3,000 | 2,614 |
Bunge Ltd. Finance Corp. | ||
3.75% 09/25/27 | 3,000 | 2,865 |
Burlington Northern Santa Fe LLC | ||
4.15% 12/15/48 | 3,000 | 2,449 |
4.55% 09/01/44 | 8,000 | 7,034 |
Cameron LNG LLC | ||
3.30% 01/15/35 (f) | 3,000 | 2,475 |
Campbell Soup Co. | ||
5.40% 03/21/34 | 20,000 | 19,879 |
Canadian Natural Resources Ltd. | ||
3.85% 06/01/27 | 3,000 | 2,886 |
4.95% 06/01/47 | 2,000 | 1,739 |
Canadian Pacific Railway Co. | ||
1.75% 12/02/26 | 23,000 | 21,220 |
3.10% 12/02/51 | 5,000 | 3,322 |
3.50% 05/01/50 | 3,000 | 2,162 |
Capital One Financial Corp. | ||
3.75% 07/28/26 | 17,000 | 16,412 |
Principal Amount | Fair Value | |
Carlisle Cos., Inc. | ||
2.20% 03/01/32 | $29,000 | $23,343 |
Carrier Global Corp. | ||
2.72% 02/15/30 | 56,000 | 49,459 |
3.58% 04/05/50 | 24,000 | 17,430 |
5.90% 03/15/34 | 13,000 | 13,577 |
Cenovus Energy, Inc. | ||
2.65% 01/15/32 | 6,000 | 4,964 |
3.75% 02/15/52 | 9,000 | 6,355 |
Centene Corp. | ||
3.00% 10/15/30 | 8,000 | 6,844 |
4.25% 12/15/27 | 51,000 | 48,695 |
CenterPoint Energy, Inc. | ||
2.65% 06/01/31 | 19,000 | 15,992 |
Charles Schwab Corp. | ||
2.45% 03/03/27 | 168,000 | 156,678 |
2.90% 03/03/32 | 7,000 | 5,985 |
Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 yr. CMT thereafter) | ||
4.00% 12/01/30 (c) | 30,000 | 25,618 |
Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | ||
5.64% 05/19/29 (c) | 55,000 | 55,709 |
Charles Schwab Corp. (6.14% fixed rate until 08/24/33; 2.01% + SOFR thereafter) | ||
6.14% 08/24/34 (c) | 32,000 | 33,327 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50% 06/01/41 | 68,000 | 45,709 |
3.70% 04/01/51 | 75,000 | 45,783 |
4.80% 03/01/50 | 22,000 | 16,171 |
6.55% 06/01/34 | 54,000 | 54,096 |
Cheniere Energy Partners LP | ||
4.50% 10/01/29 | 46,000 | 43,812 |
Cheniere Energy, Inc. | ||
5.65% 04/15/34 (f) | 20,000 | 19,975 |
Chesapeake Energy Corp. | ||
6.75% 04/15/29 (f) | 112,000 | 112,104 |
Chevron Corp. | ||
2.24% 05/11/30 | 3,000 | 2,598 |
Chevron USA, Inc. | ||
3.85% 01/15/28 | 15,000 | 14,558 |
3.90% 11/15/24 | 3,000 | 2,982 |
Elfun Diversified Fund | 21 |
Principal Amount | Fair Value | |
Chubb INA Holdings LLC | ||
4.35% 11/03/45 | $2,000 | $1,727 |
Church & Dwight Co., Inc. | ||
2.30% 12/15/31 | 10,000 | 8,308 |
Cigna Group | ||
2.40% 03/15/30 | 5,000 | 4,327 |
3.25% 04/15/25 | 5,000 | 4,910 |
3.40% 03/01/27 - 03/15/51 | 21,000 | 16,751 |
4.38% 10/15/28 | 2,000 | 1,942 |
Cisco Systems, Inc. | ||
5.30% 02/26/54 | 27,000 | 26,473 |
5.35% 02/26/64 | 27,000 | 26,261 |
5.90% 02/15/39 | 2,000 | 2,125 |
Citigroup, Inc. | ||
4.45% 09/29/27 | 10,000 | 9,748 |
4.65% 07/23/48 | 23,000 | 20,051 |
Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56% 05/01/32 (c) | 144,000 | 119,994 |
Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98% 11/05/30 (c) | 34,000 | 30,282 |
Citigroup, Inc. (3.79% fixed rate until 03/17/32; 1.94% + SOFR thereafter) | ||
3.79% 03/17/33 (c) | 169,000 | 150,642 |
Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3 mo. Term SOFR thereafter) | ||
3.88% 01/24/39 (c) | 6,000 | 5,019 |
Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70% 01/30/25 (c) | 21,000 | 20,535 |
Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | ||
6.17% 05/25/34 (c) | 21,000 | 21,360 |
Cleveland Electric Illuminating Co. | ||
4.55% 11/15/30 (f) | 27,000 | 25,514 |
CME Group, Inc. | ||
2.65% 03/15/32 | 10,000 | 8,574 |
3.75% 06/15/28 | 3,000 | 2,889 |
CMS Energy Corp. | ||
4.88% 03/01/44 | 9,000 | 8,106 |
Coca-Cola Co. | ||
2.60% 06/01/50 | 6,000 | 3,729 |
Principal Amount | Fair Value | |
2.75% 06/01/60 | $3,000 | $1,817 |
Comcast Corp. | ||
2.65% 08/15/62 | 3,000 | 1,634 |
2.80% 01/15/51 | 3,000 | 1,849 |
2.89% 11/01/51 | 12,000 | 7,492 |
2.94% 11/01/56 | 11,000 | 6,636 |
2.99% 11/01/63 | 3,000 | 1,760 |
3.20% 07/15/36 | 2,000 | 1,616 |
3.25% 11/01/39 | 12,000 | 9,233 |
3.97% 11/01/47 | 21,000 | 16,369 |
4.15% 10/15/28 | 2,000 | 1,937 |
5.65% 06/01/54 | 30,000 | 29,956 |
Conagra Brands, Inc. | ||
5.30% 11/01/38 | 3,000 | 2,824 |
5.40% 11/01/48 | 3,000 | 2,762 |
ConocoPhillips Co. | ||
4.30% 11/15/44 | 3,000 | 2,545 |
5.55% 03/15/54 | 18,000 | 17,729 |
5.70% 09/15/63 | 21,000 | 20,936 |
Consolidated Edison Co. of New York, Inc. | ||
2.90% 12/01/26 | 12,000 | 11,322 |
3.35% 04/01/30 | 2,000 | 1,836 |
3.88% 06/15/47 | 2,000 | 1,542 |
3.95% 04/01/50 | 12,000 | 9,377 |
Constellation Brands, Inc. | ||
3.15% 08/01/29 | 23,000 | 20,865 |
3.70% 12/06/26 | 18,000 | 17,383 |
4.50% 05/09/47 | 3,000 | 2,505 |
Constellation Energy Generation LLC | ||
6.50% 10/01/53 | 15,000 | 15,942 |
Continental Resources, Inc. | ||
2.88% 04/01/32 (f) | 16,000 | 12,930 |
COPT Defense Properties LP | ||
2.00% 01/15/29 | 20,000 | 16,981 |
2.25% 03/15/26 | 8,000 | 7,554 |
2.75% 04/15/31 | 5,000 | 4,135 |
Corebridge Financial, Inc. | ||
3.90% 04/05/32 | 79,000 | 70,756 |
Corning, Inc. | ||
4.38% 11/15/57 | 3,000 | 2,352 |
Coterra Energy, Inc. | ||
5.60% 03/15/34 | 55,000 | 54,868 |
Crown Castle, Inc. | ||
2.90% 03/15/27 | 39,000 | 36,608 |
3.30% 07/01/30 | 28,000 | 24,961 |
CSL Finance PLC | ||
4.25% 04/27/32 (f) | 22,000 | 20,665 |
22 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
5.11% 04/03/34 (f) | $8,000 | $7,884 |
5.42% 04/03/54 (f) | 4,000 | 3,859 |
CSX Corp. | ||
4.50% 03/15/49 - 08/01/54 | 14,000 | 11,889 |
CubeSmart LP | ||
2.50% 02/15/32 | 21,000 | 17,170 |
4.38% 02/15/29 | 8,000 | 7,665 |
CVS Health Corp. | ||
3.00% 08/15/26 | 9,000 | 8,573 |
3.63% 04/01/27 | 7,000 | 6,715 |
3.75% 04/01/30 | 6,000 | 5,521 |
3.88% 07/20/25 | 6,000 | 5,892 |
4.25% 04/01/50 | 5,000 | 3,801 |
4.30% 03/25/28 | 7,000 | 6,758 |
4.78% 03/25/38 | 9,000 | 8,036 |
5.00% 12/01/24 | 9,000 | 8,969 |
5.13% 07/20/45 | 2,000 | 1,759 |
5.30% 06/01/33 - 12/05/43 | 36,000 | 34,591 |
5.88% 06/01/53 | 7,000 | 6,704 |
Dell International LLC/EMC Corp. | ||
4.00% 07/15/24 | 12,000 | 11,991 |
6.02% 06/15/26 | 2,000 | 2,021 |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31% 11/16/27 (c) | 150,000 | 138,414 |
DH Europe Finance II SARL | ||
2.60% 11/15/29 | 5,000 | 4,459 |
3.25% 11/15/39 | 2,000 | 1,580 |
3.40% 11/15/49 | 3,000 | 2,157 |
Diamondback Energy, Inc. | ||
3.13% 03/24/31 | 9,000 | 7,917 |
4.40% 03/24/51 | 3,000 | 2,391 |
5.40% 04/18/34 | 45,000 | 44,543 |
5.75% 04/18/54 | 15,000 | 14,534 |
Digital Realty Trust LP | ||
3.60% 07/01/29 | 13,000 | 12,052 |
Discovery Communications LLC | ||
3.95% 03/20/28 | 14,000 | 13,088 |
5.00% 09/20/37 | 2,000 | 1,711 |
Dollar General Corp. | ||
3.50% 04/03/30 | 23,000 | 21,008 |
4.13% 04/03/50 | 2,000 | 1,517 |
Dollar Tree, Inc. | ||
4.00% 05/15/25 | 55,000 | 54,195 |
Dominion Energy, Inc. | ||
3.07% 08/15/24 (g) | 12,000 | 11,955 |
3.38% 04/01/30 | 12,000 | 10,839 |
Principal Amount | Fair Value | |
Dover Corp. | ||
2.95% 11/04/29 | $6,000 | $5,422 |
Dow Chemical Co. | ||
2.10% 11/15/30 | 14,000 | 11,807 |
3.60% 11/15/50 | 3,000 | 2,088 |
4.25% 10/01/34 | 2,000 | 1,825 |
5.15% 02/15/34 | 18,000 | 17,622 |
5.55% 11/30/48 | 10,000 | 9,496 |
6.30% 03/15/33 | 17,000 | 17,935 |
DTE Energy Co. | ||
2.85% 10/01/26 | 17,000 | 16,097 |
Duke Energy Carolinas LLC | ||
3.95% 03/15/48 | 2,000 | 1,540 |
Duke Energy Corp. | ||
2.55% 06/15/31 | 19,000 | 15,912 |
3.30% 06/15/41 | 23,000 | 16,684 |
3.50% 06/15/51 | 50,000 | 33,724 |
3.75% 09/01/46 | 38,000 | 27,677 |
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 yr. CMT thereafter) | ||
4.88% 09/16/24 (c) | 38,000 | 37,780 |
Duke Energy Progress LLC | ||
4.15% 12/01/44 | 12,000 | 9,638 |
DuPont de Nemours, Inc. | ||
5.42% 11/15/48 | 3,000 | 3,108 |
Duquesne Light Holdings, Inc. | ||
3.62% 08/01/27 (f) | 10,000 | 9,403 |
Eastman Chemical Co. | ||
4.65% 10/15/44 | 3,000 | 2,512 |
Eaton Corp. | ||
3.10% 09/15/27 | 2,000 | 1,888 |
Edison International | ||
4.95% 04/15/25 | 25,000 | 24,814 |
5.75% 06/15/27 | 4,000 | 4,038 |
EIDP, Inc. | ||
2.30% 07/15/30 | 23,000 | 19,795 |
Elevance Health, Inc. | ||
3.60% 03/15/51 | 6,000 | 4,310 |
3.70% 09/15/49 | 5,000 | 3,691 |
5.13% 02/15/53 | 3,000 | 2,760 |
5.65% 06/15/54 | 25,000 | 24,718 |
6.10% 10/15/52 | 10,000 | 10,492 |
Eli Lilly & Co. | ||
5.00% 02/09/54 | 8,000 | 7,641 |
5.10% 02/09/64 | 27,000 | 25,726 |
Emera U.S. Finance LP | ||
2.64% 06/15/31 | 23,000 | 18,962 |
Elfun Diversified Fund | 23 |
Principal Amount | Fair Value | |
Emerson Electric Co. | ||
1.80% 10/15/27 | $30,000 | $27,313 |
2.75% 10/15/50 | 39,000 | 24,887 |
Enbridge Energy Partners LP | ||
5.50% 09/15/40 | 2,000 | 1,908 |
Enbridge, Inc. | ||
1.60% 10/04/26 | 52,000 | 47,869 |
Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 yr. CMT thereafter) | ||
5.75% 07/15/80 (c) | 31,000 | 29,204 |
Energy Transfer LP | ||
5.25% 07/01/29 | 120,000 | 119,292 |
5.30% 04/01/44 - 04/15/47 | 8,000 | 7,114 |
5.35% 05/15/45 | 12,000 | 10,739 |
5.75% 02/15/33 | 10,000 | 10,085 |
5.95% 05/15/54 | 8,000 | 7,750 |
6.10% 12/01/28 | 39,000 | 40,162 |
6.40% 12/01/30 | 13,000 | 13,661 |
6.50% 02/01/42 | 3,000 | 3,108 |
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 yr. CMT thereafter) | ||
6.75% 05/15/25 (c) | 82,000 | 81,588 |
Enterprise Products Operating LLC | ||
4.25% 02/15/48 | 20,000 | 16,353 |
4.85% 01/31/34 | 54,000 | 52,447 |
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 mo. Term SOFR thereafter) | ||
5.25% 08/16/77 (c) | 3,000 | 2,872 |
EOG Resources, Inc. | ||
4.15% 01/15/26 | 2,000 | 1,969 |
4.95% 04/15/50 | 2,000 | 1,834 |
5.10% 01/15/36 | 2,000 | 1,937 |
Equinix, Inc. | ||
1.25% 07/15/25 | 6,000 | 5,733 |
2.15% 07/15/30 | 11,000 | 9,219 |
ERP Operating LP | ||
4.50% 07/01/44 | 5,000 | 4,235 |
Estee Lauder Cos., Inc. | ||
2.38% 12/01/29 | 3,000 | 2,632 |
3.13% 12/01/49 | 9,000 | 6,011 |
Everest Reinsurance Holdings, Inc. | ||
3.13% 10/15/52 | 17,000 | 10,505 |
Principal Amount | Fair Value | |
Eversource Energy | ||
3.45% 01/15/50 | $8,000 | $5,476 |
Exelon Corp. | ||
4.05% 04/15/30 | 13,000 | 12,208 |
4.45% 04/15/46 | 5,000 | 4,128 |
4.70% 04/15/50 | 5,000 | 4,224 |
5.60% 03/15/53 | 35,000 | 33,673 |
Extra Space Storage LP | ||
2.20% 10/15/30 | 9,000 | 7,473 |
3.90% 04/01/29 | 7,000 | 6,586 |
5.90% 01/15/31 | 37,000 | 37,784 |
Exxon Mobil Corp. | ||
2.61% 10/15/30 | 44,000 | 38,615 |
3.45% 04/15/51 | 6,000 | 4,332 |
FedEx Corp. | ||
4.10% 02/01/45 | 23,000 | 18,080 |
Fidelity National Financial, Inc. | ||
3.20% 09/17/51 | 14,000 | 8,613 |
Fidelity National Information Services, Inc. | ||
3.10% 03/01/41 | 2,000 | 1,436 |
FirstEnergy Corp. | ||
3.40% 03/01/50 | 14,000 | 9,295 |
FirstEnergy Transmission LLC | ||
4.55% 04/01/49 (f) | 16,000 | 13,228 |
Fiserv, Inc. | ||
3.50% 07/01/29 | 28,000 | 25,893 |
4.40% 07/01/49 | 2,000 | 1,622 |
Florida Power & Light Co. | ||
2.85% 04/01/25 | 26,000 | 25,487 |
4.13% 02/01/42 | 8,000 | 6,744 |
Flowers Foods, Inc. | ||
2.40% 03/15/31 | 8,000 | 6,655 |
Flowserve Corp. | ||
2.80% 01/15/32 | 13,000 | 10,668 |
Fox Corp. | ||
6.50% 10/13/33 | 22,000 | 23,055 |
Freeport-McMoRan, Inc. | ||
4.25% 03/01/30 | 20,000 | 18,915 |
GA Global Funding Trust | ||
1.63% 01/15/26 (f) | 16,000 | 15,033 |
General Mills, Inc. | ||
3.00% 02/01/51 | 12,000 | 7,665 |
General Motors Co. | ||
5.20% 04/01/45 | 3,000 | 2,632 |
5.40% 04/01/48 | 2,000 | 1,791 |
6.13% 10/01/25 | 44,000 | 44,224 |
6.80% 10/01/27 | 3,000 | 3,115 |
24 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
General Motors Financial Co., Inc. | ||
1.25% 01/08/26 | $96,000 | $89,901 |
2.35% 01/08/31 | 6,000 | 4,922 |
5.25% 03/01/26 | 22,000 | 21,876 |
5.85% 04/06/30 | 73,000 | 73,875 |
6.10% 01/07/34 | 58,000 | 58,637 |
Genuine Parts Co. | ||
2.75% 02/01/32 | 9,000 | 7,474 |
Georgia Power Co. | ||
5.25% 03/15/34 | 72,000 | 71,798 |
Georgia-Pacific LLC | ||
1.75% 09/30/25 (f) | 20,000 | 19,130 |
3.60% 03/01/25 (f) | 57,000 | 56,215 |
Gilead Sciences, Inc. | ||
2.60% 10/01/40 | 4,000 | 2,751 |
2.95% 03/01/27 | 3,000 | 2,848 |
3.50% 02/01/25 | 4,000 | 3,951 |
3.65% 03/01/26 | 2,000 | 1,945 |
4.15% 03/01/47 | 3,000 | 2,438 |
4.60% 09/01/35 | 9,000 | 8,494 |
5.25% 10/15/33 | 13,000 | 13,086 |
GlaxoSmithKline Capital PLC | ||
3.38% 06/01/29 | 8,000 | 7,492 |
GlaxoSmithKline Capital, Inc. | ||
3.63% 05/15/25 | 9,000 | 8,867 |
Goldman Sachs Group, Inc. | ||
3.85% 01/26/27 | 51,000 | 49,288 |
4.25% 10/21/25 | 98,000 | 96,289 |
5.15% 05/22/45 | 2,000 | 1,870 |
Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54% 09/10/27 (c) | 19,000 | 17,447 |
Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38% 07/21/32 (c) | 12,000 | 9,862 |
Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91% 07/21/42 (c) | 10,000 | 7,022 |
Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21% 04/22/42 (c) | 13,000 | 9,631 |
Principal Amount | Fair Value | |
Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | ||
3.44% 02/24/43 (c) | $23,000 | $17,350 |
Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 mo. Term SOFR thereafter) | ||
3.81% 04/23/29 (c) | 3,000 | 2,846 |
Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 mo. Term SOFR thereafter) | ||
4.02% 10/31/38 (c) | 2,000 | 1,701 |
Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 mo. Term SOFR thereafter) | ||
4.22% 05/01/29 (c) | 13,000 | 12,514 |
Graphic Packaging International LLC | ||
1.51% 04/15/26 (f) | 20,000 | 18,496 |
Gray Oak Pipeline LLC | ||
2.60% 10/15/25 (f) | 20,000 | 19,193 |
Halliburton Co. | ||
3.80% 11/15/25 | 2,000 | 1,958 |
5.00% 11/15/45 | 4,000 | 3,621 |
Harley-Davidson Financial Services, Inc. | ||
5.95% 06/11/29 (f) | 72,000 | 71,742 |
Hartford Financial Services Group, Inc. 3 mo. Term SOFR + 2.39% | ||
7.71% 02/12/67 (c)(f) | 8,000 | 7,123 |
HCA, Inc. | ||
3.13% 03/15/27 | 33,000 | 31,178 |
3.38% 03/15/29 | 19,000 | 17,458 |
3.50% 09/01/30 | 10,000 | 9,021 |
3.63% 03/15/32 | 8,000 | 7,045 |
4.63% 03/15/52 | 19,000 | 15,343 |
5.38% 02/01/25 | 108,000 | 107,610 |
5.60% 04/01/34 | 25,000 | 24,838 |
6.00% 04/01/54 | 11,000 | 10,852 |
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
2.20% 06/01/30 (f) | 8,000 | 6,751 |
3.20% 06/01/50 (f) | 3,000 | 1,933 |
Healthcare Realty Holdings LP | ||
2.00% 03/15/31 | 2,000 | 1,577 |
Elfun Diversified Fund | 25 |
Principal Amount | Fair Value | |
Helmerich & Payne, Inc. | ||
2.90% 09/29/31 | $6,000 | $4,998 |
Hess Corp. | ||
5.60% 02/15/41 | 3,000 | 2,993 |
5.80% 04/01/47 | 2,000 | 2,025 |
Hewlett Packard Enterprise Co. | ||
6.35% 10/15/45 | 3,000 | 3,151 |
Highwoods Realty LP | ||
4.13% 03/15/28 | 3,000 | 2,806 |
4.20% 04/15/29 | 12,000 | 10,985 |
7.65% 02/01/34 | 3,000 | 3,221 |
Home Depot, Inc. | ||
2.70% 04/15/30 | 3,000 | 2,672 |
3.35% 04/15/50 | 5,000 | 3,555 |
3.50% 09/15/56 | 2,000 | 1,419 |
3.90% 12/06/28 - 06/15/47 | 6,000 | 5,269 |
4.50% 12/06/48 | 3,000 | 2,600 |
4.95% 06/25/34 - 09/15/52 | 17,000 | 16,697 |
5.30% 06/25/54 | 5,000 | 4,882 |
5.40% 06/25/64 | 20,000 | 19,491 |
Honeywell International, Inc. | ||
1.75% 09/01/31 | 10,000 | 8,105 |
2.70% 08/15/29 | 6,000 | 5,430 |
5.25% 03/01/54 | 63,000 | 61,147 |
Hormel Foods Corp. | ||
1.80% 06/11/30 | 21,000 | 17,638 |
Huntington Bancshares, Inc. | ||
2.55% 02/04/30 | 15,000 | 12,829 |
Huntington Ingalls Industries, Inc. | ||
2.04% 08/16/28 | 31,000 | 27,288 |
Hyundai Capital America | ||
5.40% 01/08/31 (f) | 87,000 | 86,415 |
Imperial Brands Finance PLC | ||
5.50% 02/01/30 (f)(h) | 200,000 | 198,100 |
Indiana Michigan Power Co. | ||
3.25% 05/01/51 | 9,000 | 5,920 |
Ingersoll Rand, Inc. | ||
5.70% 08/14/33 | 31,000 | 31,720 |
Intel Corp. | ||
2.00% 08/12/31 | 17,000 | 13,840 |
2.45% 11/15/29 | 17,000 | 14,945 |
2.80% 08/12/41 | 17,000 | 11,766 |
3.10% 02/15/60 | 2,000 | 1,211 |
5.63% 02/10/43 | 22,000 | 21,794 |
5.70% 02/10/53 | 16,000 | 15,740 |
5.90% 02/10/63 | 12,000 | 11,994 |
Principal Amount | Fair Value | |
Intercontinental Exchange, Inc. | ||
1.85% 09/15/32 | $2,000 | $1,551 |
2.65% 09/15/40 | 2,000 | 1,388 |
Intuit, Inc. | ||
5.50% 09/15/53 | 18,000 | 18,073 |
ITC Holdings Corp. | ||
2.95% 05/14/30 (f) | 28,000 | 24,660 |
J M Smucker Co. | ||
6.50% 11/15/43 - 11/15/53 | 41,000 | 43,647 |
Jacobs Engineering Group, Inc. | ||
5.90% 03/01/33 | 58,000 | 58,077 |
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL | ||
5.13% 02/01/28 | 37,000 | 36,562 |
5.75% 04/01/33 | 8,000 | 7,956 |
6.75% 03/15/34 (f) | 21,000 | 22,213 |
Jefferies Financial Group, Inc. | ||
5.88% 07/21/28 | 36,000 | 36,355 |
Johnson & Johnson | ||
3.63% 03/03/37 | 3,000 | 2,615 |
Johnson Controls International PLC | ||
4.50% 02/15/47 | 4,000 | 3,336 |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58% 04/22/27 (c) | 48,000 | 44,818 |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 mo. Term SOFR thereafter) | ||
2.96% 05/13/31 (c) | 52,000 | 45,572 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16% 04/22/42 (c) | 14,000 | 10,392 |
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 mo. Term SOFR thereafter) | ||
3.88% 07/24/38 (c) | 8,000 | 6,865 |
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 mo. Term SOFR thereafter) | ||
3.90% 01/23/49 (c) | 39,000 | 30,736 |
26 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3 mo. Term SOFR thereafter) | ||
3.96% 01/29/27 (c) | $20,000 | $19,538 |
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 mo. Term SOFR thereafter) | ||
4.01% 04/23/29 (c) | 5,000 | 4,785 |
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 mo. Term SOFR thereafter) | ||
4.03% 07/24/48 (c) | 3,000 | 2,414 |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 mo. Term SOFR thereafter) | ||
4.49% 03/24/31 (c) | 56,000 | 53,994 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3 mo. Term SOFR thereafter) | ||
4.60% 02/01/25 (c) | 36,000 | 35,526 |
JPMorgan Chase & Co. (5.34% fixed rate until 01/23/34; 1.62% + SOFR thereafter) | ||
5.34% 01/23/35 (c) | 20,000 | 19,896 |
Kenvue, Inc. | ||
4.90% 03/22/33 | 73,000 | 72,179 |
5.05% 03/22/53 | 15,000 | 14,141 |
5.20% 03/22/63 | 9,000 | 8,501 |
Keurig Dr Pepper, Inc. | ||
3.20% 05/01/30 | 5,000 | 4,507 |
3.80% 05/01/50 | 3,000 | 2,233 |
Kinder Morgan Energy Partners LP | ||
4.70% 11/01/42 | 3,000 | 2,518 |
5.00% 03/01/43 | 4,000 | 3,489 |
6.38% 03/01/41 | 4,000 | 4,067 |
Kinder Morgan, Inc. | ||
1.75% 11/15/26 | 62,000 | 57,153 |
5.05% 02/15/46 | 4,000 | 3,503 |
5.20% 06/01/33 | 10,000 | 9,710 |
KLA Corp. | ||
3.30% 03/01/50 | 12,000 | 8,439 |
Kraft Heinz Foods Co. | ||
5.20% 07/15/45 | 19,000 | 17,407 |
Kroger Co. | ||
2.20% 05/01/30 | 2,000 | 1,700 |
Principal Amount | Fair Value | |
4.65% 01/15/48 | $3,000 | $2,543 |
L3Harris Technologies, Inc. | ||
3.85% 12/15/26 | 12,000 | 11,600 |
Las Vegas Sands Corp. | ||
5.90% 06/01/27 | 40,000 | 40,203 |
6.20% 08/15/34 | 23,000 | 23,147 |
Leidos, Inc. | ||
3.63% 05/15/25 | 3,000 | 2,947 |
4.38% 05/15/30 | 44,000 | 41,581 |
5.75% 03/15/33 | 22,000 | 22,182 |
Liberty Mutual Group, Inc. | ||
3.95% 05/15/60 (f) | 2,000 | 1,375 |
Lincoln National Corp. | ||
4.35% 03/01/48 | 33,000 | 25,082 |
Lockheed Martin Corp. | ||
3.55% 01/15/26 | 2,000 | 1,951 |
3.80% 03/01/45 | 2,000 | 1,591 |
4.50% 05/15/36 | 2,000 | 1,877 |
Lowe's Cos., Inc. | ||
1.30% 04/15/28 | 3,000 | 2,617 |
1.70% 09/15/28 - 10/15/30 | 59,000 | 50,637 |
3.00% 10/15/50 | 3,000 | 1,878 |
3.70% 04/15/46 | 3,000 | 2,203 |
4.05% 05/03/47 | 5,000 | 3,861 |
5.63% 04/15/53 | 17,000 | 16,461 |
LYB International Finance III LLC | ||
3.63% 04/01/51 | 12,000 | 8,247 |
3.80% 10/01/60 | 2,000 | 1,352 |
M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) | ||
5.05% 01/27/34 (c) | 126,000 | 116,578 |
Marsh & McLennan Cos., Inc. | ||
2.90% 12/15/51 | 25,000 | 15,588 |
Masco Corp. | ||
3.50% 11/15/27 | 3,000 | 2,835 |
McCormick & Co., Inc. | ||
1.85% 02/15/31 | 3,000 | 2,435 |
3.25% 11/15/25 | 88,000 | 85,396 |
McDonald's Corp. | ||
3.60% 07/01/30 | 17,000 | 15,759 |
3.63% 09/01/49 | 5,000 | 3,627 |
4.88% 12/09/45 | 4,000 | 3,595 |
Medtronic Global Holdings SCA | ||
4.50% 03/30/33 | 71,000 | 68,262 |
Medtronic, Inc. | ||
4.63% 03/15/45 | 2,000 | 1,808 |
Elfun Diversified Fund | 27 |
Principal Amount | Fair Value | |
Memorial Sloan-Kettering Cancer Center | ||
4.13% 07/01/52 | $12,000 | $9,924 |
Mercedes-Benz Finance North America LLC | ||
5.38% 11/26/25 (f) | 150,000 | 150,112 |
Merck & Co., Inc. | ||
1.90% 12/10/28 | 30,000 | 26,673 |
2.45% 06/24/50 | 5,000 | 2,973 |
2.75% 12/10/51 | 10,000 | 6,253 |
2.90% 12/10/61 | 4,000 | 2,394 |
4.00% 03/07/49 | 2,000 | 1,617 |
4.50% 05/17/33 | 20,000 | 19,324 |
5.00% 05/17/53 | 4,000 | 3,764 |
Meritage Homes Corp. | ||
3.88% 04/15/29 (f) | 72,000 | 66,355 |
Meta Platforms, Inc. | ||
3.85% 08/15/32 | 38,000 | 35,356 |
4.45% 08/15/52 | 20,000 | 17,245 |
MetLife, Inc. | ||
4.72% 12/15/44 | 7,000 | 6,177 |
Micron Technology, Inc. | ||
3.37% 11/01/41 | 13,000 | 9,512 |
3.48% 11/01/51 | 26,000 | 17,879 |
5.30% 01/15/31 | 18,000 | 17,957 |
Microsoft Corp. | ||
2.40% 08/08/26 | 17,000 | 16,171 |
2.68% 06/01/60 | 6,000 | 3,648 |
2.92% 03/17/52 | 33,000 | 22,416 |
3.45% 08/08/36 | 2,000 | 1,744 |
3.50% 02/12/35 | 2,000 | 1,811 |
Mid-America Apartments LP | ||
2.88% 09/15/51 | 17,000 | 10,553 |
Molson Coors Beverage Co. | ||
4.20% 07/15/46 | 3,000 | 2,395 |
Morgan Stanley | ||
3.63% 01/20/27 | 3,000 | 2,892 |
3.70% 10/23/24 | 7,000 | 6,956 |
3.97% 07/22/38 (c) | 7,000 | 5,926 |
4.35% 09/08/26 | 57,000 | 55,744 |
4.38% 01/22/47 | 7,000 | 5,993 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51% 07/20/27 (c) | 188,000 | 173,853 |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48% 09/16/36 (c) | 106,000 | 83,889 |
Principal Amount | Fair Value | |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80% 01/25/52 (c) | $41,000 | $25,789 |
Morgan Stanley (5.47% fixed rate until 01/18/34; 1.73% + SOFR thereafter) | ||
5.47% 01/18/35 (c) | 17,000 | 16,961 |
MPLX LP | ||
2.65% 08/15/30 | 8,000 | 6,896 |
5.20% 12/01/47 | 2,000 | 1,761 |
Mylan, Inc. | ||
5.20% 04/15/48 | 3,000 | 2,435 |
Nasdaq, Inc. | ||
5.95% 08/15/53 | 6,000 | 6,065 |
6.10% 06/28/63 | 9,000 | 9,130 |
Nevada Power Co. | ||
6.00% 03/15/54 | 11,000 | 11,170 |
NewMarket Corp. | ||
2.70% 03/18/31 | 6,000 | 4,995 |
Newmont Corp. | ||
4.88% 03/15/42 | 3,000 | 2,767 |
NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 mo. Term SOFR thereafter) | ||
5.65% 05/01/79 (c) | 4,000 | 3,816 |
NGPL PipeCo LLC | ||
3.25% 07/15/31 (f) | 23,000 | 19,636 |
Niagara Mohawk Power Corp. | ||
5.66% 01/17/54 (f) | 16,000 | 15,364 |
NIKE, Inc. | ||
3.38% 03/27/50 | 3,000 | 2,160 |
NNN REIT, Inc. | ||
4.00% 11/15/25 | 3,000 | 2,938 |
Norfolk Southern Corp. | ||
3.95% 10/01/42 | 3,000 | 2,404 |
Northern Natural Gas Co. | ||
5.63% 02/01/54 (f) | 36,000 | 35,281 |
Northern Trust Corp. | ||
6.13% 11/02/32 | 22,000 | 23,073 |
Northwestern Mutual Life Insurance Co. | ||
3.45% 03/30/51 (f) | 24,000 | 16,770 |
NOV, Inc. | ||
3.60% 12/01/29 | 10,000 | 9,197 |
Novant Health, Inc. | ||
3.32% 11/01/61 | 10,000 | 6,601 |
28 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Novartis Capital Corp. | ||
2.20% 08/14/30 | $14,000 | $12,124 |
3.00% 11/20/25 | 2,000 | 1,946 |
Nutrien Ltd. | ||
4.90% 03/27/28 - 06/01/43 | 58,000 | 57,129 |
5.40% 06/21/34 | 72,000 | 70,923 |
NVIDIA Corp. | ||
2.85% 04/01/30 | 8,000 | 7,253 |
3.50% 04/01/50 | 3,000 | 2,300 |
Occidental Petroleum Corp. | ||
6.13% 01/01/31 | 37,000 | 37,889 |
Oklahoma Gas & Electric Co. | ||
3.25% 04/01/30 | 4,000 | 3,612 |
Oncor Electric Delivery Co. LLC | ||
3.80% 09/30/47 | 2,000 | 1,525 |
ONEOK, Inc. | ||
4.35% 03/15/29 | 3,000 | 2,890 |
5.80% 11/01/30 | 79,000 | 80,804 |
6.10% 11/15/32 | 17,000 | 17,578 |
6.63% 09/01/53 | 22,000 | 23,492 |
Oracle Corp. | ||
1.65% 03/25/26 | 30,000 | 28,122 |
2.30% 03/25/28 | 2,000 | 1,808 |
2.65% 07/15/26 | 3,000 | 2,843 |
2.95% 04/01/30 | 18,000 | 16,001 |
3.60% 04/01/50 | 3,000 | 2,095 |
3.95% 03/25/51 | 2,000 | 1,478 |
4.00% 07/15/46 - 11/15/47 | 5,000 | 3,797 |
4.10% 03/25/61 | 11,000 | 7,898 |
5.55% 02/06/53 | 7,000 | 6,620 |
6.15% 11/09/29 | 43,000 | 44,964 |
6.90% 11/09/52 | 7,000 | 7,824 |
Otis Worldwide Corp. | ||
2.06% 04/05/25 | 46,000 | 44,764 |
2.57% 02/15/30 | 18,000 | 15,794 |
3.36% 02/15/50 | 39,000 | 27,433 |
Owens Corning | ||
3.88% 06/01/30 | 42,000 | 39,108 |
4.40% 01/30/48 | 2,000 | 1,613 |
5.70% 06/15/34 | 30,000 | 30,286 |
5.95% 06/15/54 | 10,000 | 10,068 |
Pacific Gas & Electric Co. | ||
2.10% 08/01/27 | 6,000 | 5,419 |
2.50% 02/01/31 | 18,000 | 14,842 |
3.00% 06/15/28 | 14,000 | 12,801 |
3.30% 08/01/40 | 18,000 | 12,800 |
3.50% 08/01/50 | 5,000 | 3,271 |
4.30% 03/15/45 | 14,000 | 10,713 |
Principal Amount | Fair Value | |
PacifiCorp | ||
2.70% 09/15/30 | $9,000 | $7,807 |
2.90% 06/15/52 | 68,000 | 40,149 |
5.80% 01/15/55 | 16,000 | 15,502 |
6.25% 10/15/37 | 8,000 | 8,261 |
Packaging Corp. of America | ||
3.05% 10/01/51 | 17,000 | 11,102 |
Paramount Global | ||
2.90% 01/15/27 | 2,000 | 1,846 |
3.70% 06/01/28 | 2,000 | 1,805 |
5.25% 04/01/44 | 3,000 | 2,178 |
Parker-Hannifin Corp. | ||
3.25% 06/14/29 | 2,000 | 1,836 |
4.50% 09/15/29 | 39,000 | 38,001 |
Patterson-UTI Energy, Inc. | ||
7.15% 10/01/33 | 17,000 | 18,013 |
PayPal Holdings, Inc. | ||
2.65% 10/01/26 | 8,000 | 7,571 |
3.25% 06/01/50 | 3,000 | 2,031 |
PepsiCo, Inc. | ||
1.63% 05/01/30 | 2,000 | 1,674 |
2.63% 07/29/29 | 8,000 | 7,236 |
2.75% 10/21/51 | 26,000 | 16,489 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.45% 05/19/28 | 62,000 | 60,918 |
4.75% 05/19/33 | 155,000 | 151,015 |
5.30% 05/19/53 | 4,000 | 3,861 |
5.34% 05/19/63 | 12,000 | 11,325 |
Pfizer, Inc. | ||
2.70% 05/28/50 | 27,000 | 17,339 |
3.90% 03/15/39 | 3,000 | 2,563 |
4.13% 12/15/46 | 3,000 | 2,482 |
4.40% 05/15/44 | 2,000 | 1,775 |
Philip Morris International, Inc. | ||
1.50% 05/01/25 | 62,000 | 60,004 |
2.10% 05/01/30 | 2,000 | 1,696 |
3.38% 08/15/29 | 3,000 | 2,773 |
4.13% 03/04/43 | 2,000 | 1,607 |
5.13% 02/15/30 | 44,000 | 43,842 |
5.25% 02/13/34 | 102,000 | 100,076 |
5.63% 11/17/29 | 20,000 | 20,424 |
Phillips 66 Co. | ||
2.15% 12/15/30 | 48,000 | 40,129 |
3.15% 12/15/29 | 30,000 | 27,171 |
3.30% 03/15/52 | 17,000 | 11,127 |
3.75% 03/01/28 | 3,000 | 2,861 |
4.68% 02/15/45 | 5,000 | 4,253 |
Elfun Diversified Fund | 29 |
Principal Amount | Fair Value | |
Pilgrim's Pride Corp. | ||
6.25% 07/01/33 | $11,000 | $11,171 |
Pioneer Natural Resources Co. | ||
1.13% 01/15/26 | 42,000 | 39,412 |
2.15% 01/15/31 | 10,000 | 8,399 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55% 12/15/29 | 9,000 | 8,221 |
PPL Capital Funding, Inc. | ||
3.10% 05/15/26 | 9,000 | 8,635 |
Precision Castparts Corp. | ||
4.38% 06/15/45 | 3,000 | 2,643 |
Progressive Corp. | ||
3.00% 03/15/32 | 23,000 | 19,958 |
3.70% 03/15/52 | 7,000 | 5,223 |
Prologis LP | ||
3.05% 03/01/50 | 3,000 | 1,968 |
3.25% 06/30/26 | 2,000 | 1,928 |
5.00% 03/15/34 | 8,000 | 7,829 |
5.25% 03/15/54 | 8,000 | 7,569 |
Prospect Capital Corp. | ||
3.36% 11/15/26 | 22,000 | 20,220 |
Prudential Financial, Inc. | ||
3.94% 12/07/49 | 11,000 | 8,344 |
Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 mo. Term SOFR thereafter) | ||
5.70% 09/15/48 (c) | 6,000 | 5,881 |
Public Service Co. of Colorado | ||
3.70% 06/15/28 | 9,000 | 8,541 |
Public Storage Operating Co. | ||
5.35% 08/01/53 | 11,000 | 10,607 |
PVH Corp. | ||
4.63% 07/10/25 | 25,000 | 24,718 |
QUALCOMM, Inc. | ||
4.30% 05/20/47 | 3,000 | 2,558 |
4.50% 05/20/52 | 22,000 | 18,988 |
Quanta Services, Inc. | ||
2.35% 01/15/32 | 16,000 | 13,011 |
3.05% 10/01/41 | 20,000 | 14,066 |
Quest Diagnostics, Inc. | ||
2.95% 06/30/30 | 2,000 | 1,773 |
Regeneron Pharmaceuticals, Inc. | ||
1.75% 09/15/30 | 17,000 | 13,992 |
Regions Financial Corp. | ||
1.80% 08/12/28 | 48,000 | 41,455 |
Principal Amount | Fair Value | |
Regions Financial Corp. (5.72% fixed rate until 06/06/29; 1.49% + SOFR thereafter) | ||
5.72% 06/06/30 (c) | $130,000 | $129,889 |
RenaissanceRe Holdings Ltd. | ||
5.75% 06/05/33 | 23,000 | 23,022 |
Republic Services, Inc. | ||
2.38% 03/15/33 | 31,000 | 24,776 |
5.00% 04/01/34 | 19,000 | 18,599 |
Rio Tinto Finance USA Ltd. | ||
2.75% 11/02/51 | 4,000 | 2,478 |
Rockwell Automation, Inc. | ||
2.80% 08/15/61 | 8,000 | 4,595 |
4.20% 03/01/49 | 3,000 | 2,509 |
Rogers Communications, Inc. | ||
5.00% 03/15/44 | 3,000 | 2,680 |
Roper Technologies, Inc. | ||
2.95% 09/15/29 | 4,000 | 3,598 |
Ross Stores, Inc. | ||
4.70% 04/15/27 | 2,000 | 1,973 |
Royalty Pharma PLC | ||
1.20% 09/02/25 | 10,000 | 9,497 |
1.75% 09/02/27 | 3,000 | 2,695 |
2.20% 09/02/30 | 2,000 | 1,668 |
3.30% 09/02/40 | 2,000 | 1,444 |
RPM International, Inc. | ||
3.75% 03/15/27 | 2,000 | 1,919 |
RTX Corp. | ||
1.90% 09/01/31 | 60,000 | 48,128 |
2.82% 09/01/51 | 50,000 | 30,420 |
3.13% 05/04/27 | 30,000 | 28,448 |
3.50% 03/15/27 | 3,000 | 2,876 |
3.95% 08/16/25 | 2,000 | 1,966 |
4.15% 05/15/45 | 3,000 | 2,422 |
4.45% 11/16/38 | 4,000 | 3,540 |
6.10% 03/15/34 | 24,000 | 25,272 |
6.40% 03/15/54 | 19,000 | 20,732 |
Ryder System, Inc. | ||
2.90% 12/01/26 | 31,000 | 29,292 |
Salesforce, Inc. | ||
1.95% 07/15/31 | 21,000 | 17,229 |
2.70% 07/15/41 | 17,000 | 11,880 |
Sands China Ltd. | ||
5.13% 08/08/25 | 200,000 | 198,370 |
Schlumberger Holdings Corp. | ||
3.90% 05/17/28 (f) | 9,000 | 8,591 |
Schlumberger Investment SA | ||
5.00% 06/01/34 | 72,000 | 70,848 |
30 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
Sealed Air Corp. | ||
1.57% 10/15/26 (f) | $73,000 | $66,420 |
Selective Insurance Group, Inc. | ||
5.38% 03/01/49 | 2,000 | 1,880 |
Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 yr. CMT thereafter) | ||
4.13% 04/01/52 (c) | 33,000 | 30,430 |
Shell International Finance BV | ||
2.38% 11/07/29 | 32,000 | 28,228 |
3.13% 11/07/49 | 13,000 | 8,832 |
3.25% 04/06/50 | 8,000 | 5,560 |
3.75% 09/12/46 | 5,000 | 3,868 |
Shire Acquisitions Investments Ireland DAC | ||
3.20% 09/23/26 | 2,000 | 1,918 |
Simon Property Group LP | ||
3.38% 06/15/27 | 3,000 | 2,863 |
Smith & Nephew PLC | ||
5.40% 03/20/34 | 15,000 | 14,772 |
Southern California Edison Co. | ||
4.00% 04/01/47 | 21,000 | 16,071 |
4.20% 03/01/29 | 16,000 | 15,295 |
5.65% 10/01/28 | 111,000 | 112,910 |
Southern Co. | ||
3.25% 07/01/26 | 3,000 | 2,885 |
3.70% 04/30/30 | 34,000 | 31,372 |
Southwest Airlines Co. | ||
2.63% 02/10/30 | 17,000 | 14,725 |
Southwestern Electric Power Co. | ||
2.75% 10/01/26 | 3,000 | 2,830 |
Spectra Energy Partners LP | ||
3.38% 10/15/26 | 3,000 | 2,871 |
4.50% 03/15/45 | 2,000 | 1,627 |
Starbucks Corp. | ||
4.00% 11/15/28 | 2,000 | 1,927 |
Stryker Corp. | ||
1.95% 06/15/30 | 21,000 | 17,684 |
Sumitomo Mitsui Financial Group, Inc. | ||
6.18% 07/13/43 | 38,000 | 41,461 |
Suncor Energy, Inc. | ||
4.00% 11/15/47 | 3,000 | 2,252 |
Sysco Corp. | ||
3.25% 07/15/27 | 3,000 | 2,841 |
5.95% 04/01/30 | 2,000 | 2,081 |
6.60% 04/01/50 | 3,000 | 3,341 |
Principal Amount | Fair Value | |
Take-Two Interactive Software, Inc. | ||
3.70% 04/14/27 | $50,000 | $48,079 |
4.00% 04/14/32 | 7,000 | 6,371 |
Tampa Electric Co. | ||
2.40% 03/15/31 | 23,000 | 19,356 |
3.45% 03/15/51 | 14,000 | 9,618 |
4.35% 05/15/44 | 13,000 | 10,710 |
Tapestry, Inc. | ||
4.13% 07/15/27 | 3,000 | 2,875 |
7.35% 11/27/28 | 91,000 | 94,417 |
7.85% 11/27/33 | 16,000 | 16,833 |
Targa Resources Corp. | ||
6.50% 03/30/34 | 58,000 | 61,396 |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||
5.00% 01/15/28 | 55,000 | 53,835 |
Target Corp. | ||
1.95% 01/15/27 | 4,000 | 3,724 |
Texas Instruments, Inc. | ||
3.88% 03/15/39 | 3,000 | 2,618 |
Thermo Fisher Scientific, Inc. | ||
2.80% 10/15/41 | 11,000 | 7,827 |
Time Warner Cable LLC | ||
6.55% 05/01/37 | 2,000 | 1,895 |
T-Mobile USA, Inc. | ||
3.50% 04/15/31 | 81,000 | 72,797 |
3.75% 04/15/27 | 32,000 | 30,761 |
4.50% 04/15/50 | 10,000 | 8,350 |
4.80% 07/15/28 | 69,000 | 68,081 |
5.50% 01/15/55 | 10,000 | 9,636 |
Toronto-Dominion Bank | ||
3.20% 03/10/32 | 48,000 | 41,540 |
4.46% 06/08/32 | 22,000 | 20,732 |
Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 yr. USD Swap thereafter) | ||
3.63% 09/15/31 (c) | 23,000 | 21,890 |
Tractor Supply Co. | ||
5.25% 05/15/33 | 16,000 | 15,877 |
Trane Technologies Financing Ltd. | ||
3.55% 11/01/24 | 7,000 | 6,951 |
3.80% 03/21/29 | 7,000 | 6,647 |
TransCanada PipeLines Ltd. | ||
4.25% 05/15/28 | 18,000 | 17,407 |
4.88% 01/15/26 | 4,000 | 3,967 |
Elfun Diversified Fund | 31 |
Principal Amount | Fair Value | |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 mo. Term SOFR thereafter) | ||
5.63% 05/20/75 (c) | $27,000 | $26,599 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.00% 03/15/28 | 3,000 | 2,876 |
Travelers Cos., Inc. | ||
2.55% 04/27/50 | 29,000 | 17,651 |
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 yr. CMT thereafter) | ||
4.80% 09/01/24 (c) | 43,000 | 42,237 |
TWDC Enterprises 18 Corp. | ||
4.13% 06/01/44 | 2,000 | 1,668 |
Tyco Electronics Group SA | ||
3.13% 08/15/27 | 3,000 | 2,837 |
Tyson Foods, Inc. | ||
5.40% 03/15/29 | 16,000 | 16,032 |
5.70% 03/15/34 | 20,000 | 19,910 |
U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | ||
4.97% 07/22/33 (c) | 41,000 | 38,856 |
U.S. Bancorp (5.68% fixed rate until 01/23/34; 1.86% + SOFR thereafter) | ||
5.68% 01/23/35 (c) | 35,000 | 35,164 |
UDR, Inc. | ||
2.10% 08/01/32 | 8,000 | 6,255 |
3.00% 08/15/31 | 3,000 | 2,588 |
Union Pacific Corp. | ||
3.55% 05/20/61 | 12,000 | 8,270 |
3.60% 09/15/37 | 3,000 | 2,519 |
3.80% 04/06/71 | 7,000 | 4,927 |
4.10% 09/15/67 | 5,000 | 3,777 |
United Parcel Service, Inc. | ||
5.50% 05/22/54 | 25,000 | 24,776 |
UnitedHealth Group, Inc. | ||
2.00% 05/15/30 | 12,000 | 10,198 |
4.20% 05/15/32 | 14,000 | 13,171 |
4.45% 12/15/48 | 7,000 | 5,982 |
4.75% 07/15/45 - 05/15/52 | 54,000 | 47,900 |
5.05% 04/15/53 | 12,000 | 11,131 |
5.20% 04/15/63 | 21,000 | 19,495 |
6.05% 02/15/63 | 2,000 | 2,104 |
Utah Acquisition Sub, Inc. | ||
3.95% 06/15/26 | 88,000 | 85,362 |
Principal Amount | Fair Value | |
Vale Overseas Ltd. | ||
6.13% 06/12/33 | $38,000 | $38,211 |
6.40% 06/28/54 | 20,000 | 19,671 |
Ventas Realty LP | ||
3.25% 10/15/26 | 10,000 | 9,505 |
5.63% 07/01/34 | 65,000 | 64,368 |
Verisk Analytics, Inc. | ||
5.25% 06/05/34 | 40,000 | 39,373 |
Verizon Communications, Inc. | ||
2.36% 03/15/32 | 91,000 | 74,372 |
2.55% 03/21/31 | 16,000 | 13,591 |
3.00% 03/22/27 | 33,000 | 31,230 |
3.40% 03/22/41 | 11,000 | 8,408 |
3.55% 03/22/51 | 6,000 | 4,318 |
3.70% 03/22/61 | 17,000 | 11,991 |
4.40% 11/01/34 | 51,000 | 47,257 |
4.86% 08/21/46 | 12,000 | 10,889 |
Viatris, Inc. | ||
1.65% 06/22/25 | 158,000 | 151,819 |
4.00% 06/22/50 | 18,000 | 12,130 |
Virginia Electric & Power Co. | ||
4.00% 11/15/46 | 9,000 | 7,002 |
Visa, Inc. | ||
2.70% 04/15/40 | 4,000 | 2,915 |
Vistra Operations Co. LLC | ||
3.55% 07/15/24 (f) | 39,000 | 38,949 |
6.00% 04/15/34 (f) | 18,000 | 18,020 |
Vontier Corp. | ||
2.40% 04/01/28 | 24,000 | 21,276 |
2.95% 04/01/31 | 23,000 | 18,942 |
Vornado Realty LP | ||
2.15% 06/01/26 | 34,000 | 31,411 |
3.50% 01/15/25 | 4,000 | 3,940 |
Vulcan Materials Co. | ||
3.90% 04/01/27 | 2,000 | 1,936 |
Walmart, Inc. | ||
1.80% 09/22/31 | 9,000 | 7,412 |
2.50% 09/22/41 | 9,000 | 6,230 |
2.65% 09/22/51 | 2,000 | 1,253 |
Walt Disney Co. | ||
2.65% 01/13/31 | 19,000 | 16,575 |
3.38% 11/15/26 | 2,000 | 1,923 |
3.60% 01/13/51 | 3,000 | 2,237 |
4.75% 11/15/46 | 2,000 | 1,798 |
6.65% 11/15/37 | 8,000 | 8,995 |
Warnermedia Holdings, Inc. | ||
4.28% 03/15/32 | 81,000 | 70,679 |
5.05% 03/15/42 | 15,000 | 12,190 |
5.14% 03/15/52 | 4,000 | 3,113 |
32 | Elfun Diversified Fund |
Principal Amount | Fair Value | |
5.39% 03/15/62 | $4,000 | $3,120 |
Waste Connections, Inc. | ||
2.20% 01/15/32 | 49,000 | 39,866 |
2.95% 01/15/52 | 23,000 | 14,709 |
WEC Energy Group, Inc. | ||
3.55% 06/15/25 | 6,000 | 5,876 |
Wells Fargo & Co. | ||
4.15% 01/24/29 | 19,000 | 18,263 |
4.75% 12/07/46 | 17,000 | 14,393 |
5.88% 06/15/25 (c) | 48,000 | 47,955 |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39% 06/02/28 (c) | 73,000 | 67,260 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07% 04/30/41 (c) | 23,000 | 16,870 |
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 3 mo. Term SOFR thereafter) | ||
3.20% 06/17/27 (c) | 191,000 | 182,917 |
Wells Fargo & Co. (5.50% fixed rate until 01/23/34; 1.78% + SOFR thereafter) | ||
5.50% 01/23/35 (c) | 26,000 | 25,937 |
Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | ||
6.49% 10/23/34 (c) | 31,000 | 33,067 |
Westlake Corp. | ||
2.88% 08/15/41 | 3,000 | 2,026 |
3.13% 08/15/51 | 3,000 | 1,886 |
3.38% 08/15/61 | 2,000 | 1,211 |
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 yr. CMT thereafter) | ||
2.89% 02/04/30 (c) | 15,000 | 14,705 |
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 yr. CMT thereafter) | ||
4.11% 07/24/34 (c) | 7,000 | 6,470 |
Williams Cos., Inc. | ||
3.75% 06/15/27 | 2,000 | 1,920 |
4.85% 03/01/48 | 3,000 | 2,594 |
4.90% 01/15/45 | 8,000 | 6,996 |
5.30% 08/15/52 | 7,000 | 6,482 |
5.40% 03/04/44 | 3,000 | 2,828 |
Principal Amount | Fair Value | |
Willis North America, Inc. | ||
3.88% 09/15/49 | $6,000 | $4,316 |
Workday, Inc. | ||
3.50% 04/01/27 | 19,000 | 18,173 |
3.70% 04/01/29 | 37,000 | 34,730 |
WPP Finance 2010 | ||
3.75% 09/19/24 | 11,000 | 10,942 |
Zoetis, Inc. | ||
3.00% 09/12/27 | 3,000 | 2,814 |
3.90% 08/20/28 | 3,000 | 2,863 |
5.60% 11/16/32 | 41,000 | 41,952 |
16,932,376 | ||
Non-Agency Collateralized Mortgage Obligations - 1.7% | ||
Bank | ||
3.18% 09/15/60 | 617,000 | 575,626 |
4.41% 11/15/61 (c) | 320,000 | 307,831 |
BPR Trust 1 mo. Term SOFR + 1.90% | ||
7.23% 04/15/37 (c)(f) | 117,967 | 118,008 |
Cantor Commercial Real Estate Lending | ||
3.01% 01/15/53 | 139,000 | 122,914 |
CD Mortgage Trust | ||
2.91% 08/15/57 | 246,000 | 217,989 |
Citigroup Commercial Mortgage Trust | ||
3.72% 12/10/49 (c) | 119,583 | 112,733 |
3.78% 09/10/58 | 100,000 | 96,763 |
4.03% 12/10/49 (c) | 78,331 | 70,729 |
COMM Mortgage Trust | ||
3.92% 10/15/45 (f) | 96,229 | 83,644 |
GS Mortgage Securities Trust | ||
2.75% 09/10/52 | 419,000 | 372,511 |
3.05% 11/10/52 | 493,000 | 442,280 |
3.67% 03/10/50 | 240,062 | 225,913 |
4.14% 03/10/51 (c) | 73,000 | 67,800 |
4.56% 11/10/48 (c) | 117,000 | 95,891 |
JPMBB Commercial Mortgage Securities Trust | ||
4.80% 11/15/48 (c) | 71,000 | 39,586 |
MASTR Alternative Loan Trust | ||
5.00% 08/25/18 (d) | 134 | 12 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
0.97% 03/15/48 (c)(d) | 654,683 | 2,018 |
Wells Fargo Commercial Mortgage Trust | ||
1.28% 02/15/48 (c)(d) | 602,572 | 2,387 |
Elfun Diversified Fund | 33 |
Principal Amount | Fair Value | |
4.32% 08/15/50 | $103,578 | $91,771 |
3,046,406 | ||
Municipal Bonds and Notes - 0.0%* | ||
State of California, CA | ||
4.60% 04/01/38 | 50,000 | 47,116 |
47,116 | ||
Total Bonds and Notes (Cost $55,762,216) | 53,069,284 | |
Number of Shares | ||
Exchange Traded & Mutual Funds - 24.7% | ||
State Street Global All Cap Equity ex-U.S. Index Portfolio (i) (Cost $37,319,801) | 374,817 | 44,490,778 |
Total Investments in Securities (Cost $139,510,511) | 175,498,529 | |
Short-Term Investments - 7.4% | ||
Dreyfus Treasury & Agency Cash Management Institutional Shares 5.19% | 1,137,930 | 1,137,930 |
Number of Shares | Fair Value | |
State Street Institutional Treasury Money Market Fund - Premier Class 5.23% (j)(k) | 5,396,642 | $5,396,642 |
State Street Institutional Treasury Plus Fund - Premier Class 5.25% (j)(k) | 1,137,931 | 1,137,931 |
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (j)(k) | 5,669,910 | 5,669,910 |
Total Short-Term Investments (Cost $13,342,413) | 13,342,413 | |
Total Investments (Cost $152,852,924) | 188,840,942 | |
Liabilities in Excess of Other Assets, net - (5.0)% | (9,056,634) | |
NET ASSETS - 100.0% | $179,784,308 |
Centrally Cleared Credit Default Swaps: |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Buy Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $2,250 | 1.00%/ Quarterly | 06/20/29 | $(46,293) | $(50,021) | $3,728 |
34 | Elfun Diversified Fund |
The Fund had the following long futures contracts open at June 30, 2024: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
Ultra Long-Term U.S. Treasury Bond Futures | September 2024 | 6 | $735,510 | $752,062 | $16,552 |
U.S. Long Bond Futures | September 2024 | 5 | 575,791 | 591,563 | 15,772 |
10 Yr. U.S. Treasury Ultra Futures | September 2024 | 67 | 7,524,783 | 7,606,594 | 81,811 |
5 Yr. U.S. Treasury Notes Futures | September 2024 | 31 | 3,276,372 | 3,303,922 | 27,550 |
S&P 500 E-mini Index Futures | September 2024 | 2 | 549,760 | 552,271 | 2,511 |
$144,196 |
The Fund had the following short futures contracts open at June 30, 2024: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
2 Yr. U.S. Treasury Notes Futures | September 2024 | 7 | $(1,427,245) | $(1,429,531) | $(2,286) |
10 Yr. U.S. Treasury Notes Futures | September 2024 | 21 | (2,281,681) | (2,309,672) | (27,991) |
$(30,277) |
During the period ended June 30, 2024, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $13,507,736 | $2,990,078 | $1,194,358 |
(a) | Non-income producing security. |
(b) | State Street Corp. is the parent company of State Street Bank & Trust Co., the Fund's sub-administrator, custodian and accounting agent. |
(c) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(d) | Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding. |
(e) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder. |
(f) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2024, these securities amounted to $1,797,747 or 1.00% of the net assets of the Elfun Diversified Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(g) | Step coupon bond. |
Elfun Diversified Fund | 35 |
(h) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(i) | At June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts, swaps and/or TBAs. |
(j) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(k) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2024. |
* | Less than 0.05%. |
Abbreviations: |
CMT - Constant Maturity Treasury |
REIT - Real Estate Investment Trust |
REMICS - Real Estate Mortgage Investment Conduits |
RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks Term |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
TBA - To Be Announced |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Domestic Equity | $77,820,606 | $— | $— | $77,820,606 | |||
Foreign Equity | 117,861 | — | — | 117,861 | |||
U.S. Treasuries | — | 17,823,905 | — | 17,823,905 | |||
Agency Mortgage Backed | — | 14,902,230 | — | 14,902,230 | |||
Agency Collateralized Mortgage Obligations | — | 317,251 | — | 317,251 | |||
Corporate Notes | — | 16,932,376 | — | 16,932,376 | |||
Non-Agency Collateralized Mortgage Obligations | — | 3,046,406 | — | 3,046,406 | |||
Municipal Bonds and Notes | — | 47,116 | — | 47,116 | |||
Exchange Traded & Mutual Funds | 44,490,778 | — | — | 44,490,778 | |||
Short-Term Investments | 13,342,413 | — | — | 13,342,413 | |||
Total Investments in Securities | $135,771,658 | $53,069,284 | $— | $188,840,942 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Appreciation | $— | $3,728 | $— | $3,728 | |||
Long Futures Contracts - Unrealized Appreciation | 144,196 | — | — | 144,196 | |||
Short Futures Contracts - Unrealized Depreciation | (30,277) | — | — | (30,277) | |||
Total Other Financial Instruments | $113,919 | $3,728 | $— | $117,647 |
Industry | Domestic | Foreign | Total |
Exchange Traded Funds | 23.56% | 0.00% | 23.56% |
Semiconductors | 4.47% | 0.06% | 4.53% |
Systems Software | 3.56% | 0.00% | 3.56% |
Technology Hardware, Storage & Peripherals | 2.88% | 0.00% | 2.88% |
Interactive Media & Services | 2.77% | 0.00% | 2.77% |
Broadline Retail | 1.63% | 0.00% | 1.63% |
Pharmaceuticals | 1.56% | 0.00% | 1.56% |
Diversified Banks | 1.21% | 0.00% | 1.21% |
Application Software | 0.97% | 0.00% | 0.97% |
Healthcare Equipment | 0.94% | 0.00% | 0.94% |
Transaction & Payment Processing Services | 0.92% | 0.00% | 0.92% |
Biotechnology | 0.78% | 0.00% | 0.78% |
Aerospace & Defense | 0.75% | 0.00% | 0.75% |
Integrated Oil & Gas | 0.74% | 0.00% | 0.74% |
36 | Elfun Diversified Fund |
Industry | Domestic | Foreign | Total |
Consumer Staples Merchandise Retail | 0.71% | 0.00% | 0.71% |
Multi-Sector Holdings | 0.66% | 0.00% | 0.66% |
Managed Healthcare | 0.62% | 0.00% | 0.62% |
Electric Utilities | 0.62% | 0.00% | 0.62% |
Automobile Manufacturers | 0.59% | 0.00% | 0.59% |
Household Products | 0.50% | 0.00% | 0.50% |
Life Sciences Tools & Services | 0.50% | 0.00% | 0.50% |
Soft Drinks & Non-alcoholic Beverages | 0.49% | 0.00% | 0.49% |
Movies & Entertainment | 0.45% | 0.00% | 0.45% |
Semiconductor Materials & Equipment | 0.44% | 0.00% | 0.44% |
Home Improvement Retail | 0.42% | 0.00% | 0.42% |
Financial Exchanges & Data | 0.42% | 0.00% | 0.42% |
Asset Management & Custody Banks | 0.39% | 0.00% | 0.39% |
Property & Casualty Insurance | 0.39% | 0.00% | 0.39% |
IT Consulting & Other Services | 0.39% | 0.00% | 0.39% |
Restaurants | 0.39% | 0.00% | 0.39% |
Investment Banking & Brokerage | 0.36% | 0.00% | 0.36% |
Hotels, Resorts & Cruise Lines | 0.35% | 0.00% | 0.35% |
Oil & Gas Exploration & Production | 0.34% | 0.00% | 0.34% |
Communications Equipment | 0.33% | 0.00% | 0.33% |
Industrial Machinery & Supplies & Components | 0.32% | 0.00% | 0.32% |
Integrated Telecommunication Services | 0.28% | 0.00% | 0.28% |
Electrical Components & Equipment | 0.26% | 0.00% | 0.26% |
Construction Machinery & Heavy Transportation Equipment | 0.26% | 0.00% | 0.26% |
Packaged Foods & Meats | 0.25% | 0.00% | 0.25% |
Multi-Utilities | 0.25% | 0.00% | 0.25% |
Insurance Brokers | 0.25% | 0.00% | 0.25% |
Industrial Gases | 0.24% | 0.00% | 0.24% |
Specialty Chemicals | 0.23% | 0.00% | 0.23% |
Rail Transportation | 0.23% | 0.00% | 0.23% |
Consumer Finance | 0.21% | 0.00% | 0.21% |
Tobacco | 0.21% | 0.00% | 0.21% |
Building Products | 0.20% | 0.00% | 0.20% |
Healthcare Services | 0.19% | 0.00% | 0.19% |
Industrial Conglomerates | 0.18% | 0.00% | 0.18% |
Air Freight & Logistics | 0.18% | 0.00% | 0.18% |
Cable & Satellite | 0.16% | 0.00% | 0.16% |
Apparel Retail | 0.16% | 0.00% | 0.16% |
Oil & Gas Refining & Marketing | 0.16% | 0.00% | 0.16% |
Oil & Gas Storage & Transportation | 0.15% | 0.00% | 0.15% |
Life & Health Insurance | 0.14% | 0.00% | 0.14% |
Telecom Tower REITs | 0.14% | 0.00% | 0.14% |
Environmental & Facilities Services | 0.14% | 0.00% | 0.14% |
Passenger Ground Transportation | 0.14% | 0.00% | 0.14% |
Human Resource & Employment Services | 0.13% | 0.00% | 0.13% |
Healthcare Distributors | 0.13% | 0.00% | 0.13% |
Regional Banks | 0.12% | 0.00% | 0.12% |
Oil & Gas Equipment & Services | 0.12% | 0.00% | 0.12% |
Automotive Retail | 0.11% | 0.00% | 0.11% |
Retail REITs | 0.11% | 0.00% | 0.11% |
Home Building | 0.11% | 0.00% | 0.11% |
Data Center REITs | 0.11% | 0.00% | 0.11% |
Trading Companies & Distributors | 0.11% | 0.00% | 0.11% |
Footwear | 0.11% | 0.00% | 0.11% |
Elfun Diversified Fund | 37 |
Industry | Domestic | Foreign | Total |
Health Care REITs | 0.10% | 0.00% | 0.10% |
Multi-Family Residential REITs | 0.10% | 0.00% | 0.10% |
Electronic Components | 0.10% | 0.00% | 0.10% |
Research & Consulting Services | 0.10% | 0.00% | 0.10% |
Diversified Support Services | 0.10% | 0.00% | 0.10% |
Industrial REITs | 0.09% | 0.00% | 0.09% |
Agricultural & Farm Machinery | 0.09% | 0.00% | 0.09% |
Wireless Telecommunication Services | 0.08% | 0.00% | 0.08% |
Self Storage REITs | 0.07% | 0.00% | 0.07% |
Paper & Plastic Packaging Products & Materials | 0.07% | 0.00% | 0.07% |
Healthcare Facilities | 0.06% | 0.00% | 0.06% |
Electronic Equipment & Instruments | 0.06% | 0.00% | 0.06% |
Passenger Airlines | 0.06% | 0.00% | 0.06% |
Copper | 0.06% | 0.00% | 0.06% |
Construction Materials | 0.06% | 0.00% | 0.06% |
Fertilizers & Agricultural Chemicals | 0.06% | 0.00% | 0.06% |
Commodity Chemicals | 0.06% | 0.00% | 0.06% |
Electronic Manufacturing Services | 0.05% | 0.00% | 0.05% |
Personal Care Products | 0.05% | 0.00% | 0.05% |
Interactive Home Entertainment | 0.05% | 0.00% | 0.05% |
Real Estate Services | 0.05% | 0.00% | 0.05% |
Other Specialized REITs | 0.05% | 0.00% | 0.05% |
Other Specialty Retail | 0.05% | 0.00% | 0.05% |
Steel | 0.05% | 0.00% | 0.05% |
Apparel, Accessories & Luxury Goods | 0.05% | 0.00% | 0.05% |
Multi-Line Insurance | 0.04% | 0.00% | 0.04% |
Gold | 0.04% | 0.00% | 0.04% |
Distillers & Vintners | 0.04% | 0.00% | 0.04% |
Internet Services & Infrastructure | 0.04% | 0.00% | 0.04% |
Heavy Electrical Equipment | 0.04% | 0.00% | 0.04% |
Agricultural Products & Services | 0.04% | 0.00% | 0.04% |
Cargo Ground Transportation | 0.04% | 0.00% | 0.04% |
Casinos & Gaming | 0.04% | 0.00% | 0.04% |
Distributors | 0.04% | 0.00% | 0.04% |
Healthcare Supplies | 0.04% | 0.00% | 0.04% |
Independent Power Producers & Energy Traders | 0.04% | 0.00% | 0.04% |
Food Distributors | 0.03% | 0.00% | 0.03% |
Construction & Engineering | 0.03% | 0.00% | 0.03% |
Food Retail | 0.03% | 0.00% | 0.03% |
Technology Distributors | 0.03% | 0.00% | 0.03% |
Advertising | 0.03% | 0.00% | 0.03% |
Automotive Parts & Equipment | 0.02% | 0.00% | 0.02% |
Water Utilities | 0.02% | 0.00% | 0.02% |
Consumer Electronics | 0.02% | 0.00% | 0.02% |
Data Processing & Outsourced Services | 0.02% | 0.00% | 0.02% |
Timber REITs | 0.02% | 0.00% | 0.02% |
Single-Family Residential REITs | 0.02% | 0.00% | 0.02% |
Metal, Glass & Plastic Containers | 0.02% | 0.00% | 0.02% |
Gas Utilities | 0.02% | 0.00% | 0.02% |
Reinsurance | 0.02% | 0.00% | 0.02% |
Broadcasting | 0.01% | 0.00% | 0.01% |
Computer & Electronics Retail | 0.01% | 0.00% | 0.01% |
Publishing | 0.01% | 0.00% | 0.01% |
Hotel & Resort REITs | 0.01% | 0.00% | 0.01% |
38 | Elfun Diversified Fund |
Industry | Domestic | Foreign | Total |
Brewers | 0.01% | 0.00% | 0.01% |
Drug Retail | 0.01% | 0.00% | 0.01% |
Office REITs | 0.01% | 0.00% | 0.01% |
Leisure Products | 0.01% | 0.00% | 0.01% |
Home Furnishings | 0.01% | 0.00% | 0.01% |
64.83% |
Sector | Percentage (based on Fair Value) | ||
U.S. Treasuries | 9.44% | ||
Corporate Notes | 8.97% | ||
Agency Mortgage Backed | 7.89% | ||
Non-Agency Collateralized Mortgage Obligations | 1.61% | ||
Agency Collateralized Mortgage Obligations | 0.17% | ||
Municipal Bonds and Notes | 0.02% | ||
28.10% |
Sector | Percentage (based on Fair Value) | ||
Short-Term Investments | 7.07% | ||
7.07% | |||
100.00% |
Affiliate Table |
Number of Shares Held at 12/31/23 | Value at 12/31/23 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/24 | Value at 6/30/24 | Dividend Income | ||||||
State Street Corp. | 591 | $45,779 | $2,910 | $7,393 | $(759) | $(1,317) | 530 | $39,220 | $364 | |||||
State Street Global All Cap Equity ex-U.S. Index Portfolio | 360,372 | 40,606,701 | 6,290,000 | 4,530,000 | 522,062 | 1,602,015 | 374,817 | 44,490,778 | — | |||||
State Street Institutional Treasury Money Market Fund - Premier Class | 4,589,093 | 4,589,093 | 7,470,502 | 6,662,953 | — | — | 5,396,642 | 5,396,642 | 139,548 | |||||
State Street Institutional Treasury Plus Fund - Premier Class | 1,901,514 | 1,901,514 | 3,994,779 | 4,758,362 | — | — | 1,137,931 | 1,137,931 | 50,563 | |||||
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 4,914,929 | 4,914,929 | 13,894,232 | 13,139,251 | — | — | 5,669,910 | 5,669,910 | 149,872 | |||||
TOTAL | $52,058,016 | $31,652,423 | $29,097,959 | $521,303 | $1,600,698 | $56,734,481 | $340,347 |
Elfun Diversified Fund | 39 |
Principal Amount | Fair Value | |
Municipal Bonds and Notes - 98.5% † | ||
Alabama - 0.3% | ||
Auburn University, AL Revenue | ||
5.00% 06/01/38 | $1,000,000 | $1,055,950 |
County of Jefferson Sewer Revenue, AL Revenue | ||
5.00% 10/01/32 | 1,250,000 | 1,389,483 |
2,445,433 | ||
Arizona - 1.3% | ||
Arizona Board of Regents, AZ Revenue | ||
5.00% 07/01/41 - 07/01/43 | 2,000,000 | 2,114,448 |
City of Mesa Utility System Revenue, AZ Revenue | ||
5.00% 07/01/43 | 1,500,000 | 1,585,608 |
City of Phoenix Civic Improvement Corp., AZ Revenue | ||
4.00% 07/01/44 | 1,000,000 | 966,550 |
5.00% 07/01/31 - 07/01/42 | 4,315,000 | 4,468,988 |
Maricopa County Unified School District No. 80 Chandler, AZ GO, | ||
4.00% 07/01/32 | 2,890,000 | 2,935,031 |
12,070,625 | ||
Arkansas - 0.2% | ||
State of Arkansas, AR GO, | ||
4.00% 07/01/39 - 07/01/40 | 1,600,000 | 1,624,315 |
California - 6.1% | ||
Bay Area Toll Authority, CA Revenue | ||
4.13% 04/01/54 | 1,235,000 | 1,232,677 |
California Health Facilities Financing Authority, CA Revenue | ||
5.00% 04/01/32 | 1,000,000 | 1,087,450 |
City of Los Angeles Department of Airports, CA Revenue | ||
5.00% 05/15/34 - 05/15/44 | 7,295,000 | 7,706,883 |
City of Los Angeles Wastewater System Revenue, CA Revenue | ||
5.00% 06/01/48 | 10,000,000 | 10,440,590 |
Fresno Unified School District, CA GO, | ||
4.00% 08/01/47 (a) | 5,000,000 | 5,002,062 |
Los Angeles Unified School District, CA GO, | ||
5.00% 07/01/34 | 500,000 | 589,762 |
Oakland Unified School District/Alameda County, CA GO, (AGM Insured) | ||
5.00% 08/01/35 | 1,000,000 | 1,160,108 |
Regents of the University of California Medical Center Pooled Revenue, CA Revenue | ||
5.00% 05/15/41 | 2,000,000 | 2,221,856 |
Sacramento Municipal Utility District, CA Revenue | ||
4.00% 08/15/45 | 1,565,000 | 1,569,273 |
5.00% 08/15/53 | 2,000,000 | 2,198,218 |
San Diego County Regional Airport Authority, CA Revenue | ||
5.00% 07/01/33 | 1,000,000 | 1,101,397 |
San Diego Unified School District, CA GO, | ||
4.00% 07/01/53 | 1,000,000 | 973,361 |
Principal Amount | Fair Value | |
San Francisco City & County Airport Comm-San Francisco International Airport, CA Revenue | ||
5.00% 05/01/33 - 05/01/49 | $4,545,000 | $4,889,076 |
San Francisco City & County Public Utilities Commission Wastewater Revenue, CA Revenue | ||
5.00% 10/01/34 | 1,495,000 | 1,525,244 |
Southern California Public Power Authority, CA Revenue | ||
5.00% 09/01/30 | 500,000 | 529,276 |
State of California, CA GO, | ||
4.00% 08/01/35 - 09/01/47 | 6,590,000 | 6,703,318 |
5.00% 09/01/28 - 03/01/35 | 7,680,000 | 8,351,770 |
University of California, CA Revenue | ||
4.00% 05/15/46 | 1,800,000 | 1,798,610 |
59,080,931 | ||
Colorado - 2.5% | ||
Adams & Arapahoe Joint School District 28J Aurora, CO GO, | ||
5.00% 12/01/32 | 2,000,000 | 2,078,873 |
Board of Governors of Colorado State University System, CO Revenue | ||
4.00% 03/01/43 | 1,000,000 | 988,166 |
Cherokee Metropolitan District, CO Revenue (BAM Insured) | ||
4.00% 08/01/45 | 2,700,000 | 2,614,485 |
City & County of Denver Airport System Revenue, CO Revenue | ||
4.00% 12/01/37 | 1,000,000 | 1,001,259 |
5.00% 11/15/41 | 1,000,000 | 1,063,225 |
City & County of Denver Pledged Excise Tax Revenue, CO Revenue | ||
4.00% 08/01/46 | 2,485,000 | 2,423,773 |
City of Colorado Springs Utilities System Revenue, CO Revenue | ||
5.00% 11/15/42 - 11/15/47 | 4,085,000 | 4,194,183 |
Colorado Health Facilities Authority, CO Revenue | ||
4.00% 05/15/52 | 1,500,000 | 1,427,386 |
5.00% 05/15/35 | 1,500,000 | 1,689,313 |
5.00% 06/01/47 (a) | 1,750,000 | 1,837,557 |
Eagle River Water & Sanitation District Wastewater Revenue, CO Revenue (AGM Insured) | ||
4.00% 12/01/49 | 1,200,000 | 1,171,868 |
Regional Transportation District Sales Tax Revenue, CO Revenue | ||
4.25% 11/01/36 | 3,405,000 | 3,635,154 |
24,125,242 | ||
Connecticut - 0.7% | ||
Connecticut State Health & Educational Facilities Authority, CT Revenue | ||
2.95% 07/01/49 (b) | 1,000,000 | 983,073 |
State of Connecticut Special Tax Revenue, CT Revenue | ||
4.00% 05/01/36 - 11/01/38 | 2,670,000 | 2,737,646 |
5.00% 07/01/36 | 635,000 | 727,923 |
State of Connecticut, CT GO, | ||
4.00% 01/15/44 | 1,000,000 | 981,858 |
40 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
5.00% 01/15/26 | $700,000 | $719,256 |
Town of Darien, CT GO, | ||
4.00% 04/15/44 | 1,000,000 | 1,026,338 |
7,176,094 | ||
Delaware - 0.6% | ||
Delaware Transportation Authority, DE Revenue | ||
5.00% 06/01/55 | 1,000,000 | 1,006,090 |
State of Delaware, DE GO, | ||
3.50% 03/01/33 | 2,000,000 | 2,001,876 |
4.00% 05/01/41 | 1,000,000 | 1,025,472 |
5.00% 01/01/29 | 1,385,000 | 1,474,105 |
5,507,543 | ||
District of Columbia - 4.8% | ||
District of Columbia Income Tax Revenue, DC Revenue | ||
4.00% 03/01/39 - 05/01/45 | 10,575,000 | 10,459,881 |
5.00% 03/01/36 | 2,500,000 | 2,720,445 |
District of Columbia Water & Sewer Authority, DC Revenue | ||
4.00% 10/01/38 | 2,185,000 | 2,194,169 |
5.00% 10/01/47 | 2,000,000 | 2,163,486 |
District of Columbia, DC GO, | ||
4.00% 06/01/35 - 10/15/44 | 3,000,000 | 2,949,499 |
District of Columbia, DC Revenue | ||
5.00% 04/01/42 (a) | 6,250,000 | 6,542,934 |
Metropolitan Washington Airports Authority Aviation Revenue, DC Revenue | ||
5.00% 10/01/29 - 10/01/47 | 9,070,000 | 9,529,341 |
5.00% 10/01/44 (c) | 750,000 | 797,211 |
Washington Convention & Sports Authority, DC Tax Allocation Revenue., | ||
5.00% 10/01/29 | 750,000 | 813,775 |
Washington Metropolitan Area Transit Authority, DC Revenue | ||
5.00% 07/01/34 - 07/01/42 | 8,375,000 | 8,635,299 |
46,806,040 | ||
Florida - 6.4% | ||
City of Cocoa Water & Sewer Revenue, FL Revenue | ||
5.00% 10/01/36 | 1,225,000 | 1,316,745 |
City of Fort Lauderdale Water & Sewer Revenue, FL Revenue | ||
4.00% 09/01/41 | 1,000,000 | 1,001,473 |
City of Tampa Water & Wastewater System Revenue, FL Revenue | ||
5.25% 10/01/57 | 7,000,000 | 7,651,960 |
County of Hillsborough, FL GO, | ||
5.00% 07/01/53 | 2,825,000 | 3,066,111 |
County of Miami-Dade Aviation Revenue, FL Revenue | ||
4.00% 10/01/39 | 1,675,000 | 1,675,865 |
5.00% 10/01/34 - 10/01/36 | 4,500,000 | 4,505,334 |
County of Miami-Dade Seaport Department, FL Revenue (AGM Insured) | ||
4.00% 10/01/40 | 3,000,000 | 2,909,079 |
Principal Amount | Fair Value | |
County of Miami-Dade Seaport Department, FL Revenue | ||
4.00% 10/01/50 | $2,485,000 | $2,284,251 |
County of Miami-Dade Transit System, FL Revenue | ||
4.00% 07/01/45 | 1,290,000 | 1,260,128 |
County of Miami-Dade Water & Sewer System Revenue, FL Revenue | ||
4.00% 10/01/37 - 10/01/49 | 15,500,000 | 15,264,570 |
5.00% 10/01/36 | 1,000,000 | 1,153,171 |
County of Seminole Water & Sewer Revenue, FL Revenue | ||
4.00% 10/01/28 | 925,000 | 929,911 |
Florida Development Finance Corp., FL Revenue | ||
5.00% 07/01/35 | 2,000,000 | 2,105,626 |
Florida Municipal Power Agency, FL Revenue | ||
4.00% 10/01/30 | 950,000 | 966,331 |
Florida State Board of Governors University of North Florida Dormitory Revenue, FL Revenue (BAM Insured) | ||
5.00% 11/01/39 | 2,560,000 | 2,815,890 |
Hillsborough County Aviation Authority, FL Revenue | ||
5.00% 10/01/29 | 2,510,000 | 2,656,629 |
JEA Water & Sewer System Revenue, FL Revenue | ||
5.00% 10/01/34 | 1,000,000 | 1,156,179 |
School Board of Miami-Dade County, FL GO, (BAM Insured) | ||
5.00% 03/15/47 | 5,000,000 | 5,363,957 |
State of Florida Department of Transportation, FL Revenue | ||
4.00% 07/01/41 | 1,000,000 | 1,002,144 |
5.00% 07/01/38 | 1,000,000 | 1,121,687 |
Sumter County School Board, FL COP, (AGM Insured) | ||
5.00% 01/01/35 | 500,000 | 567,514 |
Wildwood Utility Dependent District, FL Revenue (AGM Insured) | ||
5.25% 10/01/38 | 1,000,000 | 1,118,550 |
61,893,105 | ||
Georgia - 3.9% | ||
City of Atlanta Airport Passenger Facility Charge, GA Revenue | ||
4.00% 07/01/37 - 07/01/38 | 2,000,000 | 2,001,370 |
City of Atlanta Water & Wastewater Revenue, GA Revenue (AGM Insured) | ||
5.75% 11/01/30 | 4,500,000 | 5,199,979 |
County of DeKalb Water & Sewerage Revenue, GA Revenue | ||
5.00% 10/01/45 | 2,000,000 | 2,195,752 |
County of Fulton, GA GO, | ||
4.00% 07/01/40 | 1,000,000 | 991,470 |
Development Authority of Gwinnett County, GA Revenue | ||
5.00% 07/01/40 | 7,000,000 | 7,221,667 |
Georgia Ports Authority, GA Revenue | ||
4.00% 07/01/47 - 07/01/51 | 7,255,000 | 7,077,636 |
Private Colleges & Universities Authority, GA Revenue | ||
4.00% 09/01/36 - 10/01/46 | 5,555,000 | 5,553,399 |
State of Georgia, GA GO, | ||
4.00% 07/01/36 | 7,000,000 | 7,182,394 |
37,423,667 |
Elfun Tax-Exempt Income Fund | 41 |
Principal Amount | Fair Value | |
Hawaii - 0.1% | ||
State of Hawaii, HI GO, | ||
5.00% 01/01/36 | $1,000,000 | $1,080,932 |
Illinois - 6.1% | ||
Chicago Midway International Airport, IL Revenue (BAM Insured) | ||
5.00% 01/01/33 | 500,000 | 545,305 |
Chicago O'Hare International Airport, IL Revenue | ||
5.00% 01/01/38 - 01/01/48 | 10,960,000 | 11,301,601 |
5.25% 01/01/42 | 8,000,000 | 8,248,484 |
Chicago Park District, IL GO, (BAM Insured) | ||
4.00% 01/01/41 | 1,000,000 | 990,520 |
Chicago Park District, IL GO, | ||
5.00% 01/01/35 - 01/01/40 | 1,500,000 | 1,629,528 |
Chicago Transit Authority Sales Tax Receipts Fund, IL Revenue | ||
4.00% 12/01/49 | 2,000,000 | 1,916,698 |
City of Chicago Wastewater Transmission Revenue, IL Revenue (BAM Insured) | ||
5.00% 01/01/39 | 1,000,000 | 1,124,461 |
City of Chicago Wastewater Transmission Revenue, IL Revenue (AGM Insured) | ||
5.50% 01/01/62 | 5,035,000 | 5,506,043 |
City of Chicago, IL GO, | ||
5.00% 01/01/30 | 2,000,000 | 2,127,479 |
Illinois Finance Authority, IL Revenue | ||
4.00% 07/01/32 | 5,000,000 | 5,008,747 |
5.00% 04/01/35 (c) | 1,000,000 | 1,153,781 |
Illinois State Toll Highway Authority, IL Revenue | ||
4.00% 01/01/44 | 3,000,000 | 2,916,536 |
5.00% 01/01/37 - 01/01/46 | 5,885,000 | 6,042,644 |
Southwestern Illinois Development Authority, IL Revenue | ||
4.00% 04/15/31 | 2,450,000 | 2,489,063 |
State of Illinois Sales Tax Revenue, IL Revenue | ||
5.00% 06/15/38 | 1,000,000 | 1,101,893 |
State of Illinois, IL GO, | ||
5.00% 10/01/30 - 05/01/35 | 4,000,000 | 4,298,723 |
5.50% 05/01/30 | 2,000,000 | 2,128,368 |
58,529,874 | ||
Indiana - 1.1% | ||
Indiana Finance Authority, IN Revenue | ||
5.25% 10/01/52 | 2,000,000 | 2,133,914 |
Indiana Municipal Power Agency, IN Revenue | ||
5.00% 01/01/42 | 2,160,000 | 2,254,997 |
Indianapolis Local Public Improvement Bond Bank, IN Revenue | ||
4.00% 02/01/44 | 3,500,000 | 3,480,245 |
5.00% 01/01/30 - 01/01/48 | 3,000,000 | 3,189,453 |
11,058,609 |
Principal Amount | Fair Value | |
Iowa - 0.2% | ||
Cedar Rapids Community School District Infrastructure Sales Services & Use Tax, IA Revenue (AGM Insured) | ||
4.00% 07/01/34 | $1,055,000 | $1,095,046 |
City of Ames, IA GO, | ||
5.00% 06/01/32 | 1,090,000 | 1,210,363 |
2,305,409 | ||
Kansas - 0.5% | ||
City of Lawrence Water & Sewage System Revenue, KS Revenue | ||
4.00% 11/01/40 | 2,420,000 | 2,461,038 |
Kansas Turnpike Authority, KS Revenue | ||
5.00% 09/01/37 | 1,980,000 | 2,141,425 |
4,602,463 | ||
Kentucky - 1.4% | ||
Kentucky State Property & Building Commission, KY Revenue | ||
5.00% 04/01/37 | 7,525,000 | 7,819,271 |
Louisville Water Co., KY Revenue | ||
3.00% 11/15/34 | 1,000,000 | 947,115 |
Northern Kentucky University, KY Revenue | ||
5.00% 09/01/33 | 2,000,000 | 2,274,071 |
University of Kentucky, KY Revenue | ||
4.00% 04/01/44 | 2,210,000 | 2,173,901 |
13,214,358 | ||
Maine - 0.3% | ||
Maine Municipal Bond Bank, ME Revenue | ||
5.00% 09/01/26 | 500,000 | 517,943 |
Maine Turnpike Authority, ME Revenue | ||
4.00% 07/01/45 | 2,000,000 | 1,961,679 |
2,479,622 | ||
Maryland - 2.2% | ||
City of Baltimore, MD Revenue | ||
4.00% 07/01/44 | 3,130,000 | 3,111,555 |
5.00% 07/01/35 | 1,155,000 | 1,197,262 |
County of Anne Arundel, MD GO, | ||
5.00% 10/01/47 | 1,000,000 | 1,034,711 |
County of Baltimore, MD GO, | ||
4.00% 03/01/40 - 03/01/41 | 2,385,000 | 2,414,731 |
5.00% 03/01/45 | 5,985,000 | 6,615,210 |
Maryland State Transportation Authority, MD Revenue | ||
5.00% 07/01/36 | 1,800,000 | 2,083,364 |
State of Maryland Department of Transportation, MD Revenue | ||
4.00% 12/01/29 | 1,140,000 | 1,155,133 |
Town of Ocean City, MD GO, | ||
4.00% 01/15/44 | 1,460,000 | 1,448,164 |
Washington Suburban Sanitary Commission, MD Revenue | ||
4.00% 06/01/47 | 2,000,000 | 1,996,510 |
21,056,640 |
42 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Massachusetts - 4.3% | ||
Commonwealth of Massachusetts Transportation Fund Revenue, MA Revenue | ||
4.00% 06/01/50 | $2,000,000 | $1,962,874 |
Commonwealth of Massachusetts, MA GO, | ||
4.00% 11/01/37 | 1,465,000 | 1,513,629 |
5.00% 07/01/45 | 2,490,000 | 2,657,827 |
5.25% 04/01/42 | 1,950,000 | 2,036,861 |
Commonwealth of Massachusetts, MA Revenue (NPFG Insured) | ||
5.50% 01/01/34 | 3,950,000 | 4,475,104 |
Massachusetts Bay Transportation Authority Assessment Revenue, MA Revenue | ||
5.00% 07/01/52 | 5,020,000 | 5,399,553 |
Massachusetts Bay Transportation Authority Sales Tax Revenue, MA Revenue | ||
4.00% 07/01/48 | 1,250,000 | 1,214,368 |
5.00% 07/01/33 | 2,660,000 | 2,699,425 |
Massachusetts Development Finance Agency, MA Revenue | ||
4.00% 02/15/36 - 10/01/46 | 7,410,000 | 7,390,008 |
4.00% 06/01/49 (a) | 1,000,000 | 1,036,813 |
5.00% 10/01/41 (c) | 500,000 | 564,617 |
Massachusetts State College Building Authority, MA Revenue | ||
4.00% 05/01/39 - 05/01/43 | 4,455,000 | 4,472,478 |
Massachusetts Water Resources Authority, MA Revenue | ||
5.00% 08/01/41 | 1,000,000 | 1,139,174 |
Northeast Metropolitan Regional Vocational School District, MA GO, | ||
4.00% 04/15/47 | 1,500,000 | 1,464,109 |
Town of Andover, MA GO, | ||
4.00% 07/15/52 | 2,605,000 | 2,548,184 |
University of Massachusetts Building Authority, MA Revenue | ||
4.00% 11/01/46 | 1,395,000 | 1,367,058 |
41,942,082 | ||
Michigan - 1.6% | ||
City of Kalamazoo, MI GO, (BAM Insured) | ||
5.00% 10/01/36 | 1,015,000 | 1,141,748 |
City of Lansing, MI GO, (AGM Insured) | ||
5.00% 06/01/43 | 1,000,000 | 1,087,839 |
Great Lakes Water Authority Sewage Disposal System Revenue, MI Revenue | ||
5.00% 07/01/33 - 07/01/38 | 5,305,000 | 5,774,169 |
Michigan Finance Authority, MI Revenue | ||
5.00% 11/01/31 | 1,395,000 | 1,481,813 |
Michigan State University, MI Revenue | ||
5.00% 08/15/41 | 500,000 | 559,845 |
State of Michigan Trunk Line Revenue, MI Revenue | ||
4.00% 11/15/38 | 1,485,000 | 1,508,719 |
University of Michigan, MI Revenue | ||
5.00% 04/01/50 | 3,120,000 | 3,312,924 |
Principal Amount | Fair Value | |
Warren Consolidated Schools, MI GO, | ||
5.00% 05/01/35 | $715,000 | $730,743 |
15,597,800 | ||
Minnesota - 3.3% | ||
Alexandria Independent School District No. 206, MN GO, | ||
5.00% 02/01/30 | 2,950,000 | 3,131,488 |
City of Minneapolis, MN GO, | ||
3.00% 12/01/34 | 1,315,000 | 1,213,104 |
4.00% 12/01/41 | 1,125,000 | 1,157,420 |
City of Rochester, MN Revenue | ||
4.00% 11/15/48 | 5,000,000 | 4,873,383 |
City of St. Paul Water Revenue, MN Revenue | ||
4.00% 12/01/45 | 5,000,000 | 5,022,856 |
Cloquet Independent School District No. 94, MN GO, | ||
4.00% 02/01/36 | 1,675,000 | 1,678,346 |
County of St. Louis, MN GO, | ||
3.00% 12/01/31 | 1,545,000 | 1,482,326 |
Dover & Eyota Independent School District No. 533, MN GO, | ||
4.00% 02/01/40 | 1,285,000 | 1,307,854 |
Maple River Independent School District No. 2135, MN GO, | ||
5.00% 02/01/28 | 750,000 | 800,272 |
Redwood Area Schools Independent School District No. 2897, MN GO, | ||
4.00% 02/01/36 | 1,705,000 | 1,752,450 |
State of Minnesota, MN GO, | ||
5.00% 08/01/33 - 08/01/36 | 4,050,000 | 4,289,381 |
Stillwater Independent School District No. 834, MN GO, | ||
4.00% 02/01/41 | 1,000,000 | 1,008,137 |
University of Minnesota, MN Revenue | ||
5.00% 09/01/39 | 4,350,000 | 4,498,870 |
32,215,887 | ||
Mississippi - 0.1% | ||
State of Mississippi, MS GO, | ||
4.00% 10/01/41 | 1,000,000 | 991,339 |
Missouri - 0.7% | ||
City of St. Louis, MO GO, | ||
5.00% 02/15/43 | 800,000 | 854,107 |
Health & Educational Facilities Authority of the State of Missouri, MO Revenue | ||
4.00% 11/15/48 | 2,200,000 | 2,127,917 |
Metropolitan St. Louis Sewer District, MO Revenue | ||
5.00% 05/01/45 (a) | 480,000 | 486,550 |
5.00% 05/01/45 | 1,020,000 | 1,030,560 |
Missouri Joint Municipal Electric Utility Commission, MO Revenue | ||
5.00% 01/01/34 | 1,000,000 | 1,123,820 |
St. Louis County School District C-2 Parkway, MO GO, | ||
4.00% 03/01/39 | 1,395,000 | 1,414,059 |
7,037,013 |
Elfun Tax-Exempt Income Fund | 43 |
Principal Amount | Fair Value | |
Montana - 0.2% | ||
Yellowstone County K-12 School District No. 26 Lockwood, MT GO, | ||
5.00% 07/01/35 | $1,570,000 | $1,657,277 |
New Jersey - 6.3% | ||
Burlington County Bridge Commission, NJ Revenue | ||
5.00% 10/01/36 | 1,000,000 | 1,056,229 |
New Jersey Economic Development Authority, NJ Revenue | ||
5.00% 06/15/41 (a) | 7,250,000 | 7,567,245 |
5.00% 06/15/43 | 4,500,000 | 4,660,329 |
5.25% 06/15/40 (a) | 220,000 | 224,183 |
New Jersey Educational Facilities Authority, NJ Revenue | ||
4.00% 03/01/53 | 1,000,000 | 991,235 |
5.00% 06/01/26 | 2,350,000 | 2,418,788 |
5.50% 09/01/30 - 09/01/33 | 14,700,000 | 15,223,673 |
New Jersey Transportation Trust Fund Authority, NJ Revenue | ||
4.25% 06/15/44 | 1,000,000 | 1,004,996 |
5.00% 12/15/34 - 06/15/45 | 9,430,000 | 9,969,199 |
New Jersey Turnpike Authority, NJ Revenue | ||
4.00% 01/01/43 | 5,000,000 | 4,938,478 |
5.00% 01/01/29 - 01/01/48 | 12,310,000 | 12,624,490 |
5.00% 01/01/42 (c) | 500,000 | 551,925 |
61,230,770 | ||
New Mexico - 0.1% | ||
County of Santa Fe, NM GO, | ||
4.00% 07/01/34 | 1,000,000 | 1,031,297 |
New York - 10.5% | ||
City of New York, NY GO, | ||
4.00% 08/01/39 | 1,155,000 | 1,160,444 |
Hudson Yards Infrastructure Corp., NY Revenue | ||
4.00% 02/15/44 | 4,500,000 | 4,422,574 |
5.00% 02/15/36 - 02/15/42 | 4,635,000 | 4,814,894 |
Hudson Yards Infrastructure Corp., NY Revenue (AGM Insured) | ||
4.00% 02/15/47 | 5,830,000 | 5,636,313 |
Metropolitan Transportation Authority, NY Revenue (AGM Insured) | ||
4.00% 11/15/49 | 1,500,000 | 1,454,875 |
Metropolitan Transportation Authority, NY Revenue | ||
5.25% 11/15/55 | 1,000,000 | 1,051,780 |
New York City Municipal Water Finance Authority, NY Revenue | ||
4.00% 06/15/41 - 06/15/52 | 12,630,000 | 12,409,102 |
5.00% 06/15/35 - 06/15/41 | 9,255,000 | 9,818,250 |
New York City Transitional Finance Authority Future Tax Secured Revenue, NY Revenue | ||
5.00% 11/01/32 | 2,135,000 | 2,373,376 |
New York City Transitional Finance Authority, NY Revenue | ||
4.00% 11/01/42 | 1,000,000 | 990,672 |
5.00% 05/01/36 | 1,000,000 | 1,150,020 |
5.50% 05/01/53 | 2,500,000 | 2,825,320 |
Principal Amount | Fair Value | |
New York Liberty Development Corp., NY Revenue | ||
5.25% 10/01/35 | $1,090,000 | $1,258,357 |
New York Power Authority, NY Revenue | ||
4.00% 11/15/50 | 3,355,000 | 3,259,073 |
New York Power Authority, NY Revenue (AGM Insured) | ||
5.13% 11/15/58 | 2,020,000 | 2,201,213 |
New York State Dormitory Authority, NY Revenue | ||
4.00% 08/01/38 - 03/15/47 | 8,500,000 | 8,421,818 |
5.00% 03/15/36 | 1,000,000 | 1,147,186 |
5.50% 07/01/54 | 1,500,000 | 1,709,567 |
New York State Dormitory Authority, NY Revenue (AGM Insured) | ||
5.00% 10/01/36 | 1,000,000 | 1,132,539 |
New York State Environmental Facilities Corp., NY Revenue | ||
5.00% 06/15/42 | 5,000,000 | 5,175,391 |
New York State Thruway Authority, NY Revenue | ||
4.00% 03/15/44 | 2,000,000 | 1,969,317 |
New York State Urban Development Corp., NY Revenue | ||
4.00% 03/15/40 - 03/15/52 | 4,470,000 | 4,397,831 |
5.00% 03/15/54 - 03/15/57 | 4,000,000 | 4,311,827 |
New York Transportation Development Corp., NY Revenue | ||
5.00% 12/01/31 | 1,200,000 | 1,288,847 |
5.50% 06/30/39 | 1,000,000 | 1,086,970 |
Port Authority of New York & New Jersey, NY Revenue | ||
5.00% 12/01/28 - 09/01/48 | 7,620,000 | 8,061,912 |
Utility Debt Securitization Authority, NY Revenue | ||
5.00% 12/15/33 - 12/15/50 | 7,575,000 | 8,120,019 |
101,649,487 | ||
North Carolina - 1.1% | ||
City of Charlotte Airport Revenue, NC Revenue | ||
5.00% 07/01/48 | 3,000,000 | 3,267,789 |
City of Durham, NC Revenue | ||
4.00% 04/01/37 | 3,000,000 | 3,060,084 |
County of Guilford, NC GO, | ||
4.00% 03/01/40 | 1,000,000 | 1,038,747 |
County of Wake, NC GO, | ||
3.50% 04/01/32 | 2,250,000 | 2,227,769 |
North Carolina Turnpike Authority, NC Revenue (AGM Insured) | ||
5.00% 01/01/29 | 1,190,000 | 1,234,859 |
10,829,248 | ||
Ohio - 0.9% | ||
City of Cleveland, OH GO, | ||
5.00% 12/01/29 | 1,250,000 | 1,276,416 |
City of Columbus, OH GO, | ||
5.00% 04/01/35 | 1,020,000 | 1,109,334 |
Dublin City School District, OH GO, | ||
4.00% 12/01/30 | 1,010,000 | 1,040,573 |
Ohio Turnpike & Infrastructure Commission, OH Revenue | ||
5.00% 02/15/51 | 1,000,000 | 1,061,833 |
44 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Ohio Water Development Authority Water Pollution Control Loan Fund, OH Revenue | ||
5.00% 12/01/44 | $1,000,000 | $1,112,044 |
Shaker Heights City School District, OH GO, | ||
5.25% 12/15/59 | 2,900,000 | 3,190,527 |
8,790,727 | ||
Oklahoma - 0.7% | ||
City of Oklahoma City, OK GO, | ||
4.00% 03/01/37 | 1,000,000 | 1,034,666 |
Oklahoma Water Resources Board, OK Revenue | ||
4.00% 04/01/41 | 1,000,000 | 1,022,816 |
4.25% 10/01/48 | 1,000,000 | 1,003,204 |
Tulsa Metropolitan Utility Authority, OK Revenue | ||
4.00% 04/01/39 | 1,000,000 | 1,019,895 |
Washington County Rural Water District No. 3, OK Revenue | ||
3.00% 09/15/41 | 3,000,000 | 2,565,381 |
6,645,962 | ||
Oregon - 2.1% | ||
City of Eugene Water Utility System Revenue, OR Revenue | ||
5.00% 08/01/48 | 4,900,000 | 5,304,399 |
City of Lake Oswego, OR GO, | ||
4.00% 12/01/30 | 2,000,000 | 2,039,129 |
City of Portland Water System Revenue, OR Revenue | ||
4.00% 05/01/30 | 2,435,000 | 2,435,270 |
Clackamas County School District No. 7J Lake Oswego, OR GO, | ||
4.00% 06/01/33 | 1,000,000 | 1,012,953 |
Multnomah-Clackamas Counties Centennial School District No. 28JT, OR GO, | ||
5.00% 06/15/45 | 5,000,000 | 5,287,884 |
Port of Portland Airport Revenue, OR Revenue | ||
5.00% 07/01/27 - 07/01/38 | 4,520,000 | 4,665,833 |
20,745,468 | ||
Pennsylvania - 7.1% | ||
Allegheny County Sanitary Authority, PA Revenue | ||
5.00% 06/01/43 | 1,245,000 | 1,296,913 |
Bucks County Water & Sewer Authority, PA Revenue (AGM Insured) | ||
5.25% 12/01/47 | 1,700,000 | 1,853,083 |
City of Philadelphia Airport Revenue, PA Revenue | ||
4.00% 07/01/40 | 3,000,000 | 2,999,744 |
5.00% 07/01/28 - 07/01/35 | 3,475,000 | 3,680,675 |
City of Philadelphia Water & Wastewater Revenue, PA Revenue | ||
4.00% 10/01/31 | 4,980,000 | 5,021,904 |
5.00% 10/01/43 - 10/01/47 | 12,500,000 | 13,012,125 |
City of Philadelphia Water & Wastewater Revenue, PA Revenue (AGM Insured) | ||
5.00% 09/01/30 | 1,000,000 | 1,111,492 |
Principal Amount | Fair Value | |
City of Philadelphia, PA GO, | ||
5.00% 08/01/36 | $5,000,000 | $5,198,545 |
City of Pittsburgh, PA GO, | ||
5.00% 09/01/32 | 750,000 | 824,634 |
Commonwealth of Pennsylvania, PA GO, | ||
3.50% 03/01/31 | 2,000,000 | 1,985,770 |
4.00% 09/15/34 - 09/01/43 | 3,575,000 | 3,550,744 |
Council Rock School District, PA GO, | ||
4.00% 11/15/52 | 3,000,000 | 2,869,514 |
Lehigh County General Purpose Authority, PA Revenue | ||
5.00% 02/01/29 | 750,000 | 796,776 |
Middletown Area School District, PA GO, (AGM Insured) | ||
4.00% 03/01/36 | 1,000,000 | 1,006,574 |
Pennsylvania Higher Educational Facilities Authority, PA Revenue | ||
4.00% 02/15/43 - 08/15/49 | 3,500,000 | 3,401,467 |
5.00% 05/01/41 | 1,000,000 | 1,009,415 |
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA Revenue | ||
4.00% 12/01/51 | 2,500,000 | 2,336,052 |
5.25% 12/01/44 | 7,500,000 | 7,915,414 |
Pennsylvania Turnpike Commission, PA Revenue | ||
5.00% 12/01/32 | 1,110,000 | 1,207,230 |
Philadelphia Gas Works Co., PA Revenue | ||
5.00% 08/01/33 | 3,300,000 | 3,420,819 |
Phoenixville Area School District, PA GO, | ||
4.00% 11/15/38 | 1,000,000 | 1,020,595 |
Pittsburgh Water & Sewer Authority, PA Revenue (AGM Insured) | ||
5.00% 09/01/32 | 1,855,000 | 2,103,349 |
Upper Merion Area School District, PA GO, | ||
4.00% 01/15/46 | 1,450,000 | 1,420,265 |
69,043,099 | ||
Rhode Island - 0.2% | ||
Rhode Island Infrastructure Bank Water Pollution Control Revolving Fund, RI Revenue | ||
5.00% 10/01/26 | 2,000,000 | 2,042,683 |
South Carolina - 1.4% | ||
Anderson County School District No. 5, SC GO, | ||
5.00% 03/01/30 | 2,000,000 | 2,055,777 |
Beaufort County School District, SC GO, | ||
4.00% 03/01/33 | 2,200,000 | 2,296,393 |
City of Columbia Waterworks & Sewer System Revenue, SC Revenue | ||
5.00% 02/01/47 - 02/01/48 | 3,525,000 | 3,857,955 |
South Carolina Ports Authority, SC Revenue | ||
5.00% 07/01/33 | 1,800,000 | 1,898,269 |
Spartanburg County School District No. 4, SC GO, | ||
5.00% 03/01/47 | 2,745,000 | 2,965,343 |
13,073,737 |
Elfun Tax-Exempt Income Fund | 45 |
Principal Amount | Fair Value | |
Tennessee - 1.1% | ||
City of Memphis, TN GO, | ||
4.00% 05/01/38 | $2,345,000 | $2,364,377 |
County of Montgomery, TN GO, | ||
4.00% 06/01/36 | 1,250,000 | 1,290,014 |
County of Rutherford, TN GO, | ||
3.00% 04/01/35 | 2,000,000 | 1,855,542 |
Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, TN Revenue | ||
5.00% 07/01/46 | 2,000,000 | 2,057,351 |
Tennessee State School Bond Authority, TN Revenue | ||
5.00% 11/01/52 | 3,280,000 | 3,535,380 |
11,102,664 | ||
Texas - 5.3% | ||
Arlington Higher Education Finance Corp., TX Revenue | ||
5.00% 02/15/35 | 1,550,000 | 1,557,826 |
Austin Independent School District, TX GO, | ||
5.25% 08/01/49 | 1,000,000 | 1,112,198 |
Azle Independent School District, TX GO, | ||
5.00% 02/15/32 | 1,000,000 | 1,129,453 |
Board of Regents of the University of Texas System, TX Revenue | ||
5.00% 08/15/40 | 500,000 | 568,436 |
City of Austin Airport System Revenue, TX Revenue | ||
5.00% 11/15/33 | 1,000,000 | 1,090,871 |
City of Austin Water & Wastewater System Revenue, TX Revenue | ||
5.00% 11/15/35 | 1,000,000 | 1,161,367 |
City of Dallas Waterworks & Sewer System Revenue, TX Revenue | ||
4.00% 10/01/52 | 2,500,000 | 2,391,822 |
City of Fort Worth Water & Sewer System Revenue, TX Revenue | ||
4.00% 02/15/35 | 2,530,000 | 2,559,914 |
City of Galveston TX Wharves & Terminal Revenue, TX Revenue | ||
5.00% 08/01/34 | 1,000,000 | 1,067,619 |
City of Georgetown Utility System Revenue, TX Revenue (BAM Insured) | ||
5.00% 08/15/35 | 500,000 | 568,502 |
City of Houston Airport System Revenue, TX Revenue | ||
5.00% 07/01/28 | 1,500,000 | 1,569,542 |
City of Houston Combined Utility System Revenue, TX Revenue | ||
5.00% 11/15/35 | 1,000,000 | 1,156,569 |
City of North Richland Hills, TX GO, | ||
4.00% 02/15/27 | 1,045,000 | 1,059,101 |
City of Tyler Water & Sewer System Revenue, TX Revenue | ||
5.00% 09/01/30 | 1,245,000 | 1,373,716 |
Conroe Independent School District, TX GO, | ||
5.00% 02/15/44 | 1,075,000 | 1,187,588 |
County of Harris Toll Road Revenue, TX Revenue | ||
5.00% 08/15/35 | 1,500,000 | 1,737,202 |
Principal Amount | Fair Value | |
Crowley Independent School District, TX GO, | ||
5.25% 02/01/53 | $1,500,000 | $1,653,869 |
Dallas Area Rapid Transit, TX Revenue | ||
4.00% 12/01/38 | 500,000 | 498,305 |
Dallas Fort Worth International Airport, TX Revenue | ||
5.00% 11/01/27 | 500,000 | 528,742 |
Dallas Independent School District, TX GO, | ||
5.00% 02/15/34 | 560,000 | 601,760 |
Dickinson Independent School District, TX GO, | ||
4.00% 02/15/43 | 1,000,000 | 1,007,159 |
Ector County Independent School District, TX GO, | ||
5.00% 08/15/36 | 965,000 | 1,103,012 |
Fort Bend County Texas Public Facility Corp., TX Revenue | ||
5.00% 03/01/42 | 1,500,000 | 1,620,990 |
Grand Parkway Transportation Corp., TX Revenue | ||
5.00% 10/01/37 | 2,145,000 | 2,264,161 |
Katy Independent School District, TX GO, | ||
5.00% 02/15/43 (c) | 750,000 | 824,512 |
Lamar Consolidated Independent School District, TX GO, | ||
5.00% 02/15/37 | 500,000 | 565,573 |
Lower Colorado River Authority, TX Revenue | ||
5.00% 05/15/32 - 05/15/37 | 2,500,000 | 2,650,577 |
Mount Vernon Independent School District, TX GO, | ||
5.00% 08/15/30 | 500,000 | 553,803 |
North Texas Municipal Water District, TX Revenue | ||
5.00% 06/01/35 | 1,000,000 | 1,134,057 |
North Texas Tollway Authority, TX Revenue | ||
5.00% 01/01/48 | 2,000,000 | 2,059,101 |
Northside Independent School District, TX GO, | ||
5.00% 08/15/40 | 625,000 | 701,964 |
Permanent University Fund - University of Texas System, TX Revenue | ||
4.00% 07/01/41 | 1,000,000 | 1,006,764 |
Permanent University Fund-University of Texas System, TX Revenue | ||
5.00% 07/01/36 | 750,000 | 891,921 |
Port Authority of Houston of Harris County Texas, TX Revenue | ||
5.00% 10/01/51 | 1,025,000 | 1,092,829 |
Prosper Independent School District, TX GO, | ||
5.00% 02/15/41 | 1,000,000 | 1,121,118 |
Red River Education Finance Corp., TX Revenue | ||
5.00% 03/15/35 | 1,000,000 | 1,168,595 |
State of Texas, TX GO, | ||
4.00% 10/01/44 | 1,985,000 | 1,849,854 |
Tarrant Regional Water District Water Supply System Revenue, TX Revenue | ||
5.00% 03/01/38 | 500,000 | 569,415 |
Texas A&M University, TX Revenue | ||
5.00% 05/15/28 - 05/15/35 | 1,500,000 | 1,695,133 |
Tomball Independent School District, TX GO, | ||
5.00% 02/15/48 | 1,700,000 | 1,839,570 |
46 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Trinity River Authority Central Regional Wastewater System Revenue, TX Revenue | ||
5.00% 08/01/40 | $500,000 | $559,584 |
50,854,094 | ||
Utah - 2.3% | ||
Alpine School District, UT GO, | ||
4.00% 03/15/31 | 1,500,000 | 1,526,419 |
Central Valley Water Reclamation Facility, UT Revenue | ||
3.00% 03/01/30 - 03/01/35 | 2,225,000 | 2,107,571 |
City of Salt Lake City Airport Revenue, UT Revenue | ||
5.00% 07/01/46 - 07/01/48 | 4,000,000 | 4,147,811 |
City of Salt Lake City Public Utilities Revenue, UT Revenue | ||
4.00% 02/01/45 | 1,220,000 | 1,207,522 |
5.00% 02/01/50 | 4,080,000 | 4,268,058 |
County of Utah, UT Revenue | ||
4.00% 05/15/47 | 1,255,000 | 1,209,067 |
Ogden City Redevelopment Agency, UT Revenue | ||
5.00% 01/15/48 - 01/15/53 | 2,925,000 | 3,113,287 |
University of Utah, UT Revenue | ||
4.00% 08/01/51 | 1,500,000 | 1,443,730 |
5.00% 08/01/42 | 1,685,000 | 1,859,091 |
Weber School District, UT GO, | ||
4.00% 06/15/43 | 1,000,000 | 996,724 |
21,879,280 | ||
Vermont - 0.1% | ||
Vermont Municipal Bond Bank, VT Revenue | ||
5.00% 12/01/36 | 1,135,000 | 1,191,048 |
Virginia - 4.9% | ||
Alexandria Sanitation Authority, VA Revenue | ||
5.00% 07/15/44 | 580,000 | 653,456 |
Chesapeake Bay Bridge & Tunnel District, VA Revenue | ||
5.00% 07/01/46 - 07/01/51 | 4,000,000 | 4,023,454 |
City of Alexandria, VA GO, | ||
4.00% 12/15/48 - 12/15/53 | 7,500,000 | 7,409,522 |
City of Richmond Public Utility Revenue, VA Revenue | ||
4.00% 01/15/36 | 4,350,000 | 4,362,592 |
4.25% 01/15/53 | 2,500,000 | 2,524,069 |
County of Fairfax Sewer Revenue, VA Revenue | ||
5.00% 07/15/54 | 3,125,000 | 3,433,094 |
County of Fairfax, VA GO, | ||
4.00% 10/01/35 - 10/01/43 | 6,500,000 | 6,665,219 |
County of Loudoun, VA GO, | ||
4.00% 12/01/33 | 5,765,000 | 5,790,680 |
Virginia College Building Authority, VA Revenue | ||
4.00% 09/01/35 | 1,000,000 | 1,014,489 |
5.00% 02/01/30 | 1,990,000 | 2,107,767 |
Virginia Commonwealth Transportation Board, VA Revenue | ||
4.00% 05/15/44 | 1,000,000 | 1,010,731 |
Virginia Public School Authority, VA Revenue | ||
5.00% 08/01/43 | 3,475,000 | 3,869,629 |
Principal Amount | Fair Value | |
Virginia Resources Authority, VA Revenue | ||
4.00% 11/01/41 | $3,000,000 | $2,978,440 |
5.00% 11/01/35 | 1,000,000 | 1,170,347 |
47,013,489 | ||
Washington - 4.8% | ||
City of Seattle Drainage & Wastewater Revenue, WA Revenue | ||
4.00% 07/01/36 - 09/01/51 | 5,000,000 | 4,952,603 |
City of Seattle Municipal Light & Power Revenue, WA Revenue | ||
4.00% 09/01/35 - 09/01/40 | 5,540,000 | 5,588,929 |
5.00% 07/01/52 | 3,000,000 | 3,213,629 |
City of Seattle, WA GO, | ||
4.00% 12/01/31 | 2,500,000 | 2,507,018 |
City of Spokane, WA GO, | ||
3.13% 12/01/33 | 1,260,000 | 1,145,139 |
City of Tacoma Electric System Revenue, WA Revenue | ||
5.00% 01/01/36 - 01/01/46 | 2,500,000 | 2,720,865 |
County of King, WA GO, | ||
4.00% 07/01/29 - 12/01/34 | 4,650,000 | 4,708,731 |
Grant County Public Utility District No. 2 Electric Revenue, WA Revenue | ||
5.00% 01/01/44 | 1,345,000 | 1,472,221 |
Port of Seattle, WA Revenue | ||
5.00% 08/01/28 - 08/01/42 | 6,985,000 | 7,305,189 |
Spokane County School District No. 356 Central Valley, WA GO, | ||
4.00% 12/01/31 | 2,605,000 | 2,661,467 |
State of Washington, WA GO, | ||
4.00% 07/01/27 - 06/01/34 | 2,505,000 | 2,599,667 |
5.00% 02/01/36 - 02/01/48 | 5,300,000 | 5,780,828 |
Vancouver Library Capital Facilities Area, WA GO, | ||
4.00% 12/01/27 | 1,000,000 | 1,014,777 |
Washington Health Care Facilities Authority, WA Revenue | ||
5.00% 08/01/35 | 750,000 | 800,875 |
46,471,938 | ||
Wisconsin - 0.7% | ||
County of Dane, WI GO, | ||
5.00% 06/01/28 | 2,340,000 | 2,437,853 |
Hamilton School District, WI GO, | ||
5.00% 04/01/36 (c) | 1,705,000 | 1,899,109 |
Public Finance Authority, WI Revenue | ||
5.00% 07/01/27 | 500,000 | 511,445 |
State of Wisconsin, WI GO, | ||
4.00% 05/01/40 | 2,000,000 | 2,004,284 |
6,852,691 | ||
Total Municipal Bonds and Notes (Cost $946,632,051) | 952,369,982 |
Elfun Tax-Exempt Income Fund | 47 |
Principal Amount | Fair Value | |
Short-Term Investments - 1.0% | ||
State Street Institutional Treasury Plus Fund - Premier Class 5.25% (d)(e) (Cost $9,075,649) | $9,075,649 | $9,075,649 |
Total Investments (Cost $955,707,700) | 961,445,631 | |
Other Assets and Liabilities, net - 0.5% | 5,255,293 | |
NET ASSETS - 100.0% | $966,700,924 |
(a) | Pre-refunded bonds are collateralized by U.S. Treasury securities, which are held in escrow by a trustee and are used to pay principal and interest on the tax-exempt issue to retire the bonds at the earliest refunding date. |
(b) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(c) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(d) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(e) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2024. |
Abbreviations: |
BAM - Build America Mutual Assurance Company |
NPFG - National Public Finance Guaranty Corporation |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
Municipal Bonds and Notes | $— | $952,369,982 | $— | $952,369,982 | |||
Short-Term Investments | 9,075,649 | — | — | 9,075,649 | |||
Total Investments in Securities | $9,075,649 | $952,369,982 | $— | $961,445,631 |
Affiliate Table |
Number of Shares Held at 12/31/23 | Value at 12/31/23 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/24 | Value at 6/30/24 | Dividend Income | |
State Street Institutional Treasury Plus Fund - Premier Class | 4,577,263 | $4,577,263 | $136,108,669 | $131,610,283 | $— | $— | 9,075,649 | $9,075,649 | $336,348 |
48 | Elfun Tax-Exempt Income Fund |
Principal Amount | Fair Value | |
Bonds and Notes - 96.8% † | ||
U.S. Treasuries - 29.3% | ||
U.S. Treasury Bonds | ||
2.25%, 08/15/46 (a) | $1,573,000 | $1,048,257 |
3.00%, 08/15/48 (a) | 2,948,000 | 2,236,795 |
4.13%, 08/15/53 (a) | 213,000 | 198,390 |
4.38%, 08/15/43 (a) | 1,640,000 | 1,583,369 |
U.S. Treasury Notes | ||
0.25%, 07/31/25 (a) | 1,952,400 | 1,854,094 |
0.75%, 01/31/28 (a) | 10,198,000 | 8,953,525 |
1.25%, 11/30/26 (a) | 300,000 | 277,078 |
1.63%, 05/15/31 (a) | 895,000 | 751,241 |
2.63%, 02/15/29 (a) | 1,573,000 | 1,458,220 |
3.88%, 12/31/27 - 08/15/33 (a) | 6,728,100 | 6,499,908 |
4.25%, 10/15/25 - 12/31/25 (a) | 4,501,900 | 4,458,883 |
4.63%, 10/15/26 - 05/31/31 (a) | 8,889,000 | 8,964,350 |
5.00%, 09/30/25 (a) | 3,022,000 | 3,020,820 |
41,304,930 | ||
Agency Mortgage Backed - 28.6% | ||
Federal Home Loan Mortgage Corp. | ||
3.00%, 04/01/43 - 10/01/49 (a) | 3,847,643 | 3,363,129 |
4.50%, 06/01/33 - 02/01/35 (a) | 3,178 | 3,101 |
5.00%, 07/01/35 (a) | 39,165 | 38,870 |
5.50%, 01/01/38 - 04/01/39 (a) | 60,909 | 61,784 |
6.00%, 06/01/33 - 11/01/37 (a) | 136,239 | 140,669 |
7.00%, 01/01/27 - 08/01/36 (a) | 30,315 | 32,071 |
7.50%, 11/01/29 - 09/01/33 (a) | 4,689 | 4,852 |
8.00%, 11/01/30 (a) | 1,455 | 1,512 |
Federal National Mortgage Association | ||
2.50%, 03/01/51 (a) | 2,946,118 | 2,405,051 |
3.50%, 08/01/45 - 01/01/48 (a) | 3,176,550 | 2,870,363 |
4.00%, 01/01/41 - 01/01/50 (a) | 1,640,402 | 1,528,323 |
4.50%, 07/01/33 - 12/01/48 (a) | 837,362 | 807,816 |
5.00%, 03/01/34 - 05/01/39 (a) | 88,152 | 87,469 |
5.50%, 12/01/32 - 01/01/39 (a) | 228,576 | 231,371 |
6.00%, 01/01/29 - 05/01/41 (a) | 508,015 | 521,570 |
Principal Amount | Fair Value | |
6.50%, 08/01/28 - 08/01/36 (a) | $22,806 | $23,647 |
7.00%, 10/01/32 - 02/01/34 (a) | 6,504 | 6,842 |
7.50%, 12/01/26 - 03/01/33 (a) | 14,730 | 15,153 |
8.00%, 08/01/25 - 10/01/31 (a) | 1,243 | 1,260 |
8.50%, 04/01/30 (a) | 660 | 700 |
Federal National Mortgage Association 1 yr. USD RFUCCT + 1.60% | ||
6.97%, 04/01/37 (a)(b) | 1,171 | 1,176 |
Government National Mortgage Association | ||
3.00%, 12/20/42 - 05/20/45 (a) | 3,230,016 | 2,876,746 |
3.50%, 08/20/48 (a) | 603,092 | 546,954 |
4.00%, 01/20/41 - 04/20/43 (a) | 526,490 | 499,067 |
4.50%, 08/15/33 - 03/20/41 (a) | 239,564 | 234,509 |
5.00%, 08/15/33 (a) | 12,553 | 12,505 |
6.00%, 04/15/27 - 04/15/35 (a) | 77,967 | 79,919 |
6.50%, 04/15/28 - 09/15/36 (a) | 28,059 | 28,999 |
7.00%, 11/15/27 - 10/15/36 (a) | 20,056 | 20,860 |
7.50%, 10/15/28 (a) | 4,198 | 4,271 |
8.00%, 09/15/27 - 06/15/30 (a) | 11,259 | 11,393 |
Government National Mortgage Association REMICS 30 day USD SOFR Average + 5.85% | ||
0.52%, 05/20/64 (b)(c) | 4,893,244 | 192,014 |
Government National Mortgage Association, TBA | ||
5.00%, 07/20/54 | 1,884,969 | 1,835,340 |
Uniform Mortgage-Backed Security, TBA | ||
2.00%, 07/01/54 | 4,401,093 | 3,441,879 |
2.50%, 07/01/54 | 7,916,549 | 6,464,377 |
3.00%, 07/01/54 | 3,620,735 | 3,079,359 |
3.50%, 07/01/54 | 4,718,305 | 4,174,544 |
5.00%, 07/01/54 | 3,405,173 | 3,290,269 |
5.50%, 07/01/39 | 1,455,313 | 1,458,151 |
40,397,885 | ||
Agency Collateralized Mortgage Obligations - 0.8% | ||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | ||
2.51%, 07/25/29 | 745,000 | 670,532 |
Elfun Income Fund | 49 |
Principal Amount | Fair Value | |
4.05%, 09/25/28 (b) | $300,000 | $291,007 |
Federal Home Loan Mortgage Corp. REMICS | ||
5.50%, 06/15/33 (c) | 11,726 | 1,531 |
Federal Home Loan Mortgage Corp. STRIPS | ||
0.00%, 08/01/27 (d) | 158 | 142 |
Federal Home Loan Mortgage Corp. Structured Pass-Through Certificates | ||
0.08%, 09/25/43 (b)(c) | 485,819 | 8,496 |
Federal National Mortgage Association Interest STRIPS | ||
0.01%, 12/25/34 (d) | 13,274 | 10,622 |
4.50%, 08/25/35 - 01/25/36 (c) | 23,047 | 3,028 |
5.00%, 03/25/38 - 05/25/38 (c) | 14,763 | 2,359 |
5.50%, 12/25/33 (c) | 4,337 | 723 |
6.00%, 01/25/35 (c) | 16,861 | 2,882 |
Federal National Mortgage Association REMICS | ||
1.18%, 12/25/42 (b)(c) | 97,495 | 2,598 |
5.00%, 02/25/40 - 09/25/40 (c) | 19,218 | 1,772 |
Federal National Mortgage Association REMICS 30 day USD SOFR Average + 5.89% | ||
0.55%, 07/25/38 (b)(c) | 13,736 | 974 |
Federal National Mortgage Association REMICS 30 day USD SOFR Average + 6.44% | ||
1.10%, 11/25/41 (b)(c) | 1,390,846 | 144,364 |
1,141,030 | ||
Asset Backed - 0.0%* | ||
Chase Funding Trust | ||
4.99%, 11/25/33 (e) | 41,742 | 40,666 |
Corporate Notes - 31.2% | ||
3M Co. | ||
3.13%, 09/19/46 (a) | 11,000 | 7,400 |
7-Eleven, Inc. | ||
0.95%, 02/10/26 (a)(f) | 127,000 | 118,276 |
Abbott Laboratories | ||
3.75%, 11/30/26 (a) | 17,000 | 16,582 |
4.90%, 11/30/46 (a) | 41,000 | 38,611 |
AbbVie, Inc. | ||
2.60%, 11/21/24 (a) | 73,000 | 72,214 |
3.20%, 05/14/26 - 11/21/29 (a) | 89,000 | 83,369 |
4.05%, 11/21/39 (a) | 28,000 | 24,298 |
4.25%, 11/21/49 (a) | 45,000 | 37,449 |
Principal Amount | Fair Value | |
4.30%, 05/14/36 (a) | $26,000 | $23,903 |
4.40%, 11/06/42 (a) | 24,000 | 21,080 |
4.63%, 10/01/42 (a) | 3,000 | 2,702 |
4.70%, 05/14/45 (a) | 9,000 | 8,129 |
4.88%, 11/14/48 (a) | 4,000 | 3,674 |
5.05%, 03/15/34 (a) | 51,000 | 50,842 |
5.40%, 03/15/54 (a) | 30,000 | 29,683 |
5.50%, 03/15/64 (a) | 35,000 | 34,541 |
Advanced Micro Devices, Inc. | ||
4.39%, 06/01/52 (a) | 38,000 | 32,070 |
AEP Texas, Inc. | ||
3.45%, 05/15/51 (a) | 70,000 | 46,067 |
5.70%, 05/15/34 (a) | 99,000 | 98,314 |
AEP Transmission Co. LLC | ||
5.40%, 03/15/53 (a) | 32,000 | 30,630 |
Aetna, Inc. | ||
3.50%, 11/15/24 (a) | 24,000 | 23,800 |
Aircastle Ltd. | ||
4.25%, 06/15/26 (a) | 38,000 | 37,041 |
Alcoa Nederland Holding BV | ||
5.50%, 12/15/27 (a)(f) | 203,000 | 200,026 |
Alcon Finance Corp. | ||
2.60%, 05/27/30 (a)(f) | 239,000 | 208,274 |
Alexandria Real Estate Equities, Inc. | ||
1.88%, 02/01/33 (a) | 22,000 | 16,555 |
2.95%, 03/15/34 (a) | 37,000 | 29,923 |
3.55%, 03/15/52 (a) | 34,000 | 22,807 |
4.70%, 07/01/30 (a) | 9,000 | 8,695 |
Allstate Corp. | ||
4.20%, 12/15/46 (a) | 36,000 | 29,064 |
Allstate Corp. 3 mo. Term SOFR + 3.20% | ||
8.52%, 08/15/53 (a)(b) | 53,000 | 52,996 |
Altria Group, Inc. | ||
3.40%, 05/06/30 - 02/04/41 (a) | 28,000 | 21,261 |
4.00%, 02/04/61 (a) | 9,000 | 6,235 |
4.25%, 08/09/42 (a) | 2,000 | 1,590 |
4.45%, 05/06/50 (a) | 16,000 | 12,280 |
4.50%, 05/02/43 (a) | 11,000 | 9,038 |
Amazon.com, Inc. | ||
1.50%, 06/03/30 (a) | 17,000 | 14,163 |
2.50%, 06/03/50 (a) | 21,000 | 12,844 |
2.70%, 06/03/60 (a) | 16,000 | 9,416 |
2.88%, 05/12/41 (a) | 37,000 | 27,165 |
3.15%, 08/22/27 (a) | 5,000 | 4,749 |
3.25%, 05/12/61 (a) | 24,000 | 16,008 |
4.05%, 08/22/47 (a) | 8,000 | 6,665 |
4.25%, 08/22/57 (a) | 2,000 | 1,675 |
Ameren Corp. | ||
2.50%, 09/15/24 (a) | 101,000 | 100,258 |
3.65%, 02/15/26 (a) | 19,000 | 18,423 |
50 | Elfun Income Fund |
Principal Amount | Fair Value | |
American Electric Power Co., Inc. | ||
2.30%, 03/01/30 (a) | $22,000 | $18,731 |
3.25%, 03/01/50 (a) | 9,000 | 5,905 |
American Honda Finance Corp. | ||
5.85%, 10/04/30 (a) | 135,000 | 140,832 |
American International Group, Inc. (5.75% fixed rate until 04/01/28; 2.87% + 3 mo. Term SOFR thereafter) | ||
5.75%, 04/01/48 (a)(b) | 2,000 | 1,957 |
American Tower Corp. | ||
1.50%, 01/31/28 (a) | 69,000 | 60,449 |
2.90%, 01/15/30 (a) | 24,000 | 21,163 |
3.70%, 10/15/49 (a) | 16,000 | 11,579 |
3.80%, 08/15/29 (a) | 29,000 | 26,956 |
American Water Capital Corp. | ||
2.95%, 09/01/27 (a) | 20,000 | 18,722 |
5.45%, 03/01/54 (a) | 97,000 | 93,681 |
Amgen, Inc. | ||
2.00%, 01/15/32 (a) | 43,000 | 34,625 |
2.45%, 02/21/30 (a) | 11,000 | 9,594 |
3.00%, 01/15/52 (a) | 27,000 | 17,635 |
3.15%, 02/21/40 (a) | 48,000 | 35,874 |
5.51%, 03/02/26 (a) | 69,000 | 68,998 |
5.60%, 03/02/43 (a) | 40,000 | 39,415 |
5.65%, 03/02/53 (a) | 37,000 | 36,459 |
5.75%, 03/02/63 (a) | 35,000 | 34,315 |
AngloGold Ashanti Holdings PLC | ||
3.38%, 11/01/28 (a) | 200,000 | 179,430 |
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. | ||
4.70%, 02/01/36 (a) | 62,000 | 59,078 |
4.90%, 02/01/46 (a) | 32,000 | 29,469 |
Anheuser-Busch InBev Worldwide, Inc. | ||
3.50%, 06/01/30 (a) | 33,000 | 30,655 |
4.35%, 06/01/40 (a) | 33,000 | 29,108 |
4.38%, 04/15/38 (a) | 45,000 | 40,959 |
4.60%, 04/15/48 (a) | 4,000 | 3,538 |
4.75%, 04/15/58 (a) | 15,000 | 13,283 |
5.55%, 01/23/49 (a) | 33,000 | 33,246 |
Aon Corp./Aon Global Holdings PLC | ||
2.90%, 08/23/51 (a) | 43,000 | 26,252 |
Apollo Debt Solutions BDC | ||
6.90%, 04/13/29 (a)(f) | 75,000 | 75,403 |
Apollo Management Holdings LP (4.95% fixed rate until 12/17/24; 3.27% + 5 yr. CMT thereafter) | ||
4.95%, 01/14/50 (a)(b)(f) | 46,000 | 44,894 |
Principal Amount | Fair Value | |
Apple, Inc. | ||
2.65%, 02/08/51 (a) | $62,000 | $39,177 |
2.80%, 02/08/61 (a) | 28,000 | 17,099 |
2.95%, 09/11/49 (a) | 18,000 | 12,294 |
3.35%, 02/09/27 (a) | 8,000 | 7,715 |
3.45%, 02/09/45 (a) | 37,000 | 28,714 |
3.85%, 08/04/46 (a) | 27,000 | 22,036 |
3.95%, 08/08/52 (a) | 36,000 | 29,224 |
4.85%, 05/10/53 (a) | 104,000 | 100,798 |
Applied Materials, Inc. | ||
4.35%, 04/01/47 (a) | 16,000 | 13,968 |
4.80%, 06/15/29 (a) | 135,000 | 134,795 |
Aptiv PLC | ||
4.40%, 10/01/46 (a) | 11,000 | 8,585 |
ArcelorMittal SA | ||
4.55%, 03/11/26 (a) | 161,000 | 158,067 |
6.00%, 06/17/34 (a) | 59,000 | 58,965 |
6.35%, 06/17/54 (a) | 100,000 | 97,210 |
6.80%, 11/29/32 (a) | 22,000 | 23,210 |
Archer-Daniels-Midland Co. | ||
2.50%, 08/11/26 (a) | 12,000 | 11,373 |
ARES Capital Corp. | ||
2.88%, 06/15/28 (a) | 82,000 | 72,670 |
3.25%, 07/15/25 (a) | 168,000 | 163,363 |
Arthur J Gallagher & Co. | ||
3.50%, 05/20/51 (a) | 28,000 | 19,314 |
Ascension Health | ||
4.85%, 11/15/53 (a) | 44,000 | 41,873 |
Ashtead Capital, Inc. | ||
1.50%, 08/12/26 (a)(f) | 200,000 | 182,362 |
5.55%, 05/30/33 (a)(f) | 245,000 | 238,733 |
Astrazeneca Finance LLC | ||
1.75%, 05/28/28 (a) | 61,000 | 54,085 |
5.00%, 02/26/34 (a) | 100,000 | 99,422 |
AstraZeneca PLC | ||
3.00%, 05/28/51 (a) | 32,000 | 21,407 |
4.00%, 01/17/29 (a) | 7,000 | 6,743 |
4.38%, 08/17/48 (a) | 3,000 | 2,580 |
AT&T, Inc. | ||
2.75%, 06/01/31 (a) | 265,000 | 226,959 |
3.65%, 06/01/51 (a) | 128,000 | 90,391 |
3.85%, 06/01/60 (a) | 45,000 | 31,400 |
4.35%, 03/01/29 (a) | 36,000 | 34,893 |
4.50%, 05/15/35 (a) | 33,000 | 30,385 |
4.55%, 03/09/49 (a) | 16,000 | 13,260 |
4.75%, 05/15/46 (a) | 8,000 | 6,925 |
4.85%, 03/01/39 (a) | 26,000 | 23,818 |
5.40%, 02/15/34 (a) | 59,000 | 59,002 |
Athene Holding Ltd. | ||
4.13%, 01/12/28 (a) | 17,000 | 16,389 |
6.15%, 04/03/30 (a) | 37,000 | 38,249 |
Atmos Energy Corp. | ||
6.20%, 11/15/53 (a) | 41,000 | 44,195 |
Elfun Income Fund | 51 |
Principal Amount | Fair Value | |
Avangrid, Inc. | ||
3.15%, 12/01/24 (a) | $49,000 | $48,427 |
Bain Capital Specialty Finance, Inc. | ||
2.95%, 03/10/26 (a) | 54,000 | 50,798 |
Bank of America Corp. | ||
3.25%, 10/21/27 (a) | 27,000 | 25,541 |
4.18%, 11/25/27 (a) | 53,000 | 51,160 |
4.25%, 10/22/26 (a) | 41,000 | 39,963 |
Bank of America Corp. (2.09% fixed rate until 06/14/28; 1.06% + SOFR thereafter) | ||
2.09%, 06/14/29 (a)(b) | 87,000 | 77,195 |
Bank of America Corp. (2.97% fixed rate until 07/21/51; 1.56% + SOFR thereafter) | ||
2.97%, 07/21/52 (a)(b) | 62,000 | 40,439 |
Bank of America Corp. (3.37% fixed rate until 01/23/25; 1.07% + 3 mo. Term SOFR thereafter) | ||
3.37%, 01/23/26 (a)(b) | 16,000 | 15,783 |
Bank of America Corp. (3.42% fixed rate until 12/20/27; 1.30% + 3 mo. Term SOFR thereafter) | ||
3.42%, 12/20/28 (a)(b) | 21,000 | 19,742 |
Bank of America Corp. (3.71% fixed rate until 04/24/27; 1.77% + 3 mo. Term SOFR thereafter) | ||
3.71%, 04/24/28 (a)(b) | 56,000 | 53,646 |
Bank of America Corp. (3.85% fixed rate until 03/08/32; 2.00% + 5 yr. CMT thereafter) | ||
3.85%, 03/08/37 (a)(b) | 57,000 | 50,118 |
Bank of America Corp. (3.95% fixed rate until 01/23/48; 1.45% + 3 mo. Term SOFR thereafter) | ||
3.95%, 01/23/49 (a)(b) | 33,000 | 25,973 |
Bank of America Corp. (4.24% fixed rate until 04/24/37; 2.08% + 3 mo. Term SOFR thereafter) | ||
4.24%, 04/24/38 (a)(b) | 27,000 | 23,879 |
Bank of America Corp. (4.27% fixed rate until 07/23/28; 1.57% + 3 mo. Term SOFR thereafter) | ||
4.27%, 07/23/29 (a)(b) | 5,000 | 4,817 |
Bank of America Corp. (4.30% fixed rate until 01/28/25; 2.93% + 3 mo. Term SOFR thereafter) | ||
4.30%, 01/28/25 (a)(b) | 58,000 | 56,988 |
Principal Amount | Fair Value | |
Bank of America Corp. (5.29% fixed rate until 04/25/33; 1.91% + SOFR thereafter) | ||
5.29%, 04/25/34 (a)(b) | $119,000 | $117,756 |
Bank of America Corp. (5.47% fixed rate until 01/23/34; 1.65% + SOFR thereafter) | ||
5.47%, 01/23/35 (a)(b) | 164,000 | 163,792 |
Bank of America Corp. (5.87% fixed rate until 09/15/33; 1.84% + SOFR thereafter) | ||
5.87%, 09/15/34 (a)(b) | 133,000 | 136,785 |
Bank of New York Mellon Corp. (4.63% fixed rate until 09/20/26; 3.39% + 3 mo. Term SOFR thereafter) | ||
4.63%, 09/20/26 (a)(b) | 27,000 | 25,999 |
BAT Capital Corp. | ||
2.73%, 03/25/31 (a) | 36,000 | 30,393 |
4.39%, 08/15/37 (a) | 24,000 | 20,249 |
4.54%, 08/15/47 (a) | 8,000 | 6,146 |
5.83%, 02/20/31 (a) | 55,000 | 55,751 |
6.00%, 02/20/34 (a) | 55,000 | 55,596 |
7.08%, 08/02/53 (a) | 34,000 | 36,187 |
Baxter International, Inc. | ||
1.92%, 02/01/27 (a) | 116,000 | 106,304 |
2.27%, 12/01/28 (a) | 42,000 | 37,000 |
2.54%, 02/01/32 (a) | 19,000 | 15,585 |
3.13%, 12/01/51 (a) | 30,000 | 18,852 |
3.95%, 04/01/30 (a) | 34,000 | 31,721 |
Baylor Scott & White Holdings | ||
2.84%, 11/15/50 (a) | 7,000 | 4,582 |
Becton Dickinson & Co. | ||
3.70%, 06/06/27 (a) | 22,000 | 21,173 |
4.67%, 06/06/47 (a) | 5,000 | 4,361 |
4.69%, 12/15/44 (a) | 3,000 | 2,640 |
5.11%, 02/08/34 (a) | 99,000 | 97,392 |
Berkshire Hathaway Energy Co. | ||
3.25%, 04/15/28 (a) | 9,000 | 8,446 |
3.70%, 07/15/30 (a) | 36,000 | 33,489 |
3.80%, 07/15/48 (a) | 11,000 | 8,099 |
4.25%, 10/15/50 (a) | 32,000 | 25,102 |
6.13%, 04/01/36 (a) | 2,000 | 2,096 |
Berkshire Hathaway Finance Corp. | ||
2.85%, 10/15/50 (a) | 80,000 | 51,470 |
4.25%, 01/15/49 (a) | 16,000 | 13,672 |
Berry Global, Inc. | ||
4.88%, 07/15/26 (a)(f) | 37,000 | 36,323 |
BHP Billiton Finance USA Ltd. | ||
5.25%, 09/08/33 (a) | 44,000 | 44,046 |
5.50%, 09/08/53 (a) | 13,000 | 12,885 |
52 | Elfun Income Fund |
Principal Amount | Fair Value | |
Biogen, Inc. | ||
2.25%, 05/01/30 (a) | $12,000 | $10,212 |
BlackRock TCP Capital Corp. | ||
6.95%, 05/30/29 (a) | 230,000 | 224,549 |
Block Financial LLC | ||
2.50%, 07/15/28 (a) | 34,000 | 30,475 |
3.88%, 08/15/30 (a) | 10,000 | 9,169 |
Boardwalk Pipelines LP | ||
4.80%, 05/03/29 (a) | 24,000 | 23,460 |
Boeing Co. | ||
2.20%, 02/04/26 (a) | 70,000 | 65,843 |
2.70%, 02/01/27 (a) | 61,000 | 56,251 |
2.95%, 02/01/30 (a) | 15,000 | 12,853 |
3.25%, 03/01/28 (a) | 3,000 | 2,733 |
3.55%, 03/01/38 (a) | 2,000 | 1,449 |
3.75%, 02/01/50 (a) | 18,000 | 11,810 |
5.04%, 05/01/27 (a) | 89,000 | 87,047 |
5.15%, 05/01/30 (a) | 49,000 | 47,043 |
5.81%, 05/01/50 (a) | 34,000 | 30,698 |
Boston Properties LP | ||
3.40%, 06/21/29 (a) | 58,000 | 51,554 |
Boston Scientific Corp. | ||
4.70%, 03/01/49 (a) | 2,000 | 1,781 |
BP Capital Markets America, Inc. | ||
3.00%, 02/24/50 (a) | 32,000 | 20,839 |
3.38%, 02/08/61 (a) | 40,000 | 26,423 |
4.81%, 02/13/33 (a) | 52,000 | 50,418 |
5.23%, 11/17/34 (a) | 175,000 | 173,710 |
BP Capital Markets PLC (4.38% fixed rate until 06/22/25; 4.04% + 5 yr. CMT thereafter) | ||
4.38%, 06/22/25 (a)(b) | 12,000 | 11,769 |
BP Capital Markets PLC (4.88% fixed rate until 03/22/30; 4.40% + 5 yr. CMT thereafter) | ||
4.88%, 03/22/30 (a)(b) | 37,000 | 34,958 |
Bristol-Myers Squibb Co. | ||
1.45%, 11/13/30 (a) | 28,000 | 22,705 |
2.35%, 11/13/40 (a) | 17,000 | 11,254 |
3.20%, 06/15/26 (a) | 15,000 | 14,462 |
3.40%, 07/26/29 (a) | 8,000 | 7,454 |
3.55%, 03/15/42 (a) | 20,000 | 15,542 |
4.13%, 06/15/39 (a) | 23,000 | 19,953 |
4.25%, 10/26/49 (a) | 23,000 | 18,727 |
4.35%, 11/15/47 (a) | 2,000 | 1,665 |
4.55%, 02/20/48 (a) | 2,000 | 1,716 |
5.20%, 02/22/34 (a) | 90,000 | 89,831 |
Brixmor Operating Partnership LP | ||
2.25%, 04/01/28 (a) | 49,000 | 43,691 |
3.90%, 03/15/27 (a) | 10,000 | 9,607 |
Principal Amount | Fair Value | |
Broadcom, Inc. | ||
3.14%, 11/15/35 (a)(f) | $17,000 | $13,611 |
3.19%, 11/15/36 (a)(f) | 2,000 | 1,582 |
3.42%, 04/15/33 (a)(f) | 117,000 | 100,838 |
3.47%, 04/15/34 (a)(f) | 2,000 | 1,704 |
4.15%, 11/15/30 (a) | 19,000 | 17,949 |
4.30%, 11/15/32 (a) | 27,000 | 25,235 |
4.93%, 05/15/37 (a)(f) | 22,000 | 20,685 |
Brown-Forman Corp. | ||
4.00%, 04/15/38 (a) | 2,000 | 1,742 |
Bunge Ltd. Finance Corp. | ||
3.75%, 09/25/27 (a) | 2,000 | 1,910 |
Burlington Northern Santa Fe LLC | ||
4.15%, 12/15/48 (a) | 25,000 | 20,408 |
4.55%, 09/01/44 (a) | 36,000 | 31,651 |
Cameron LNG LLC | ||
3.30%, 01/15/35 (a)(f) | 3,000 | 2,475 |
Campbell Soup Co. | ||
5.40%, 03/21/34 (a) | 50,000 | 49,698 |
Canadian Natural Resources Ltd. | ||
3.85%, 06/01/27 (a) | 18,000 | 17,314 |
4.95%, 06/01/47 (a) | 16,000 | 13,909 |
Canadian Pacific Railway Co. | ||
1.75%, 12/02/26 (a) | 58,000 | 53,511 |
3.10%, 12/02/51 (a) | 19,000 | 12,625 |
3.50%, 05/01/50 (a) | 21,000 | 15,132 |
Capital One Financial Corp. | ||
3.75%, 07/28/26 (a) | 47,000 | 45,375 |
Carlisle Cos., Inc. | ||
2.20%, 03/01/32 (a) | 54,000 | 43,467 |
Carrier Global Corp. | ||
2.72%, 02/15/30 (a) | 28,000 | 24,730 |
3.58%, 04/05/50 (a) | 66,000 | 47,931 |
5.90%, 03/15/34 (a) | 80,000 | 83,549 |
Cenovus Energy, Inc. | ||
2.65%, 01/15/32 (a) | 24,000 | 19,855 |
3.75%, 02/15/52 (a) | 32,000 | 22,596 |
Centene Corp. | ||
3.00%, 10/15/30 (a) | 24,000 | 20,531 |
4.25%, 12/15/27 (a) | 135,000 | 128,898 |
CenterPoint Energy, Inc. | ||
2.65%, 06/01/31 (a) | 51,000 | 42,925 |
Charles Schwab Corp. | ||
2.45%, 03/03/27 (a) | 301,000 | 280,716 |
2.90%, 03/03/32 (a) | 22,000 | 18,810 |
Charles Schwab Corp. (4.00% fixed rate until 12/01/30; 3.08% + 10 yr. CMT thereafter) | ||
4.00%, 12/01/30 (a)(b) | 62,000 | 52,945 |
Elfun Income Fund | 53 |
Principal Amount | Fair Value | |
Charles Schwab Corp. (5.64% fixed rate until 05/19/28; 2.21% + SOFR thereafter) | ||
5.64%, 05/19/29 (a)(b) | $113,000 | $114,457 |
Charles Schwab Corp. (6.14% fixed rate until 08/24/33; 2.01% + SOFR thereafter) | ||
6.14%, 08/24/34 (a)(b) | 89,000 | 92,690 |
Charter Communications Operating LLC/Charter Communications Operating Capital | ||
3.50%, 06/01/41 (a) | 37,000 | 24,871 |
3.70%, 04/01/51 (a) | 125,000 | 76,305 |
4.80%, 03/01/50 (a) | 57,000 | 41,897 |
6.55%, 06/01/34 (a) | 145,000 | 145,258 |
Cheniere Energy Partners LP | ||
4.50%, 10/01/29 (a) | 95,000 | 90,481 |
Cheniere Energy, Inc. | ||
5.65%, 04/15/34 (a)(f) | 50,000 | 49,936 |
Chesapeake Energy Corp. | ||
6.75%, 04/15/29 (a)(f) | 294,000 | 294,273 |
Chevron Corp. | ||
2.24%, 05/11/30 (a) | 11,000 | 9,524 |
Chevron USA, Inc. | ||
3.85%, 01/15/28 (a) | 46,000 | 44,645 |
3.90%, 11/15/24 (a) | 14,000 | 13,916 |
Chubb INA Holdings LLC | ||
4.35%, 11/03/45 (a) | 20,000 | 17,272 |
Church & Dwight Co., Inc. | ||
2.30%, 12/15/31 (a) | 82,000 | 68,123 |
Cigna Group | ||
2.40%, 03/15/30 (a) | 21,000 | 18,172 |
3.25%, 04/15/25 (a) | 23,000 | 22,585 |
3.40%, 03/01/27 - 03/15/50 (a) | 25,000 | 21,700 |
4.38%, 10/15/28 (a) | 9,000 | 8,739 |
Cisco Systems, Inc. | ||
5.30%, 02/26/54 (a) | 73,000 | 71,576 |
5.35%, 02/26/64 (a) | 73,000 | 71,001 |
5.90%, 02/15/39 (a) | 14,000 | 14,875 |
Citigroup, Inc. | ||
4.45%, 09/29/27 (a) | 7,000 | 6,824 |
4.65%, 07/23/48 (a) | 58,000 | 50,563 |
Citigroup, Inc. (2.56% fixed rate until 05/01/31; 1.17% + SOFR thereafter) | ||
2.56%, 05/01/32 (a)(b) | 42,000 | 34,998 |
Citigroup, Inc. (2.98% fixed rate until 11/05/29; 1.42% + SOFR thereafter) | ||
2.98%, 11/05/30 (a)(b) | 21,000 | 18,704 |
Principal Amount | Fair Value | |
Citigroup, Inc. (3.88% fixed rate until 01/24/38; 1.43% + 3 mo. Term SOFR thereafter) | ||
3.88%, 01/24/39 (a)(b) | $13,000 | $10,875 |
Citigroup, Inc. (4.70% fixed rate until 01/30/25; 3.23% + SOFR thereafter) | ||
4.70%, 01/30/25 (a)(b) | 82,000 | 80,185 |
Citigroup, Inc. (6.17% fixed rate until 05/25/33; 2.66% + SOFR thereafter) | ||
6.17%, 05/25/34 (a)(b) | 53,000 | 53,909 |
Cleveland Electric Illuminating Co. | ||
4.55%, 11/15/30 (a)(f) | 77,000 | 72,763 |
Clorox Co. | ||
1.80%, 05/15/30 (a) | 33,000 | 27,529 |
CME Group, Inc. | ||
2.65%, 03/15/32 (a) | 26,000 | 22,292 |
CMS Energy Corp. | ||
4.88%, 03/01/44 (a) | 52,000 | 46,833 |
Coca-Cola Co. | ||
2.60%, 06/01/50 (a) | 27,000 | 16,778 |
2.75%, 06/01/60 (a) | 19,000 | 11,506 |
Comcast Corp. | ||
2.65%, 08/15/62 (a) | 21,000 | 11,436 |
2.80%, 01/15/51 (a) | 23,000 | 14,176 |
2.89%, 11/01/51 (a) | 21,000 | 13,112 |
2.94%, 11/01/56 (a) | 29,000 | 17,496 |
2.99%, 11/01/63 (a) | 21,000 | 12,319 |
3.20%, 07/15/36 (a) | 25,000 | 20,200 |
3.25%, 11/01/39 (a) | 33,000 | 25,392 |
3.97%, 11/01/47 (a) | 30,000 | 23,385 |
4.15%, 10/15/28 (a) | 23,000 | 22,273 |
5.65%, 06/01/54 (a) | 85,000 | 84,876 |
Conagra Brands, Inc. | ||
5.30%, 11/01/38 (a) | 9,000 | 8,472 |
5.40%, 11/01/48 (a) | 3,000 | 2,762 |
ConocoPhillips Co. | ||
5.55%, 03/15/54 (a) | 52,000 | 51,218 |
5.70%, 09/15/63 (a) | 52,000 | 51,841 |
Consolidated Edison Co. of New York, Inc. | ||
2.90%, 12/01/26 (a) | 27,000 | 25,474 |
3.35%, 04/01/30 (a) | 13,000 | 11,934 |
3.88%, 06/15/47 (a) | 15,000 | 11,568 |
3.95%, 04/01/50 (a) | 11,000 | 8,596 |
Constellation Brands, Inc. | ||
3.15%, 08/01/29 (a) | 59,000 | 53,524 |
3.70%, 12/06/26 (a) | 25,000 | 24,144 |
4.50%, 05/09/47 (a) | 23,000 | 19,204 |
54 | Elfun Income Fund |
Principal Amount | Fair Value | |
Constellation Energy Generation LLC | ||
6.50%, 10/01/53 (a) | $34,000 | $36,135 |
Continental Resources, Inc. | ||
2.88%, 04/01/32 (a)(f) | 40,000 | 32,326 |
COPT Defense Properties LP | ||
2.00%, 01/15/29 (a) | 41,000 | 34,812 |
2.25%, 03/15/26 (a) | 32,000 | 30,215 |
2.75%, 04/15/31 (a) | 21,000 | 17,366 |
Corebridge Financial, Inc. | ||
3.90%, 04/05/32 (a) | 116,000 | 103,894 |
Corning, Inc. | ||
4.38%, 11/15/57 (a) | 13,000 | 10,192 |
Coterra Energy, Inc. | ||
5.60%, 03/15/34 (a) | 146,000 | 145,650 |
Crown Castle, Inc. | ||
2.90%, 03/15/27 (a) | 94,000 | 88,234 |
3.30%, 07/01/30 (a) | 77,000 | 68,644 |
CSL Finance PLC | ||
4.25%, 04/27/32 (a)(f) | 58,000 | 54,482 |
5.11%, 04/03/34 (a)(f) | 19,000 | 18,724 |
5.42%, 04/03/54 (a)(f) | 10,000 | 9,647 |
CSX Corp. | ||
4.50%, 03/15/49 - 08/01/54 (a) | 44,000 | 37,522 |
CubeSmart LP | ||
2.50%, 02/15/32 (a) | 47,000 | 38,429 |
4.38%, 02/15/29 (a) | 32,000 | 30,660 |
CVS Health Corp. | ||
3.00%, 08/15/26 (a) | 31,000 | 29,530 |
3.63%, 04/01/27 (a) | 29,000 | 27,818 |
3.75%, 04/01/30 (a) | 22,000 | 20,245 |
3.88%, 07/20/25 (a) | 16,000 | 15,712 |
4.25%, 04/01/50 (a) | 16,000 | 12,164 |
4.30%, 03/25/28 (a) | 2,000 | 1,931 |
4.78%, 03/25/38 (a) | 17,000 | 15,179 |
5.00%, 12/01/24 (a) | 35,000 | 34,880 |
5.13%, 07/20/45 (a) | 20,000 | 17,587 |
5.30%, 06/01/33 - 12/05/43 (a) | 105,000 | 100,074 |
5.88%, 06/01/53 (a) | 21,000 | 20,113 |
6.00%, 06/01/63 (a) | 8,000 | 7,657 |
Daimler Truck Finance North America LLC | ||
2.38%, 12/14/28 (a)(f) | 155,000 | 137,992 |
2.50%, 12/14/31 (a)(f) | 155,000 | 127,847 |
Dell International LLC/EMC Corp. | ||
4.00%, 07/15/24 (a) | 46,000 | 45,967 |
6.02%, 06/15/26 (a) | 2,000 | 2,021 |
8.35%, 07/15/46 (a) | 2,000 | 2,531 |
Principal Amount | Fair Value | |
Deutsche Bank AG (2.31% fixed rate until 11/16/26; 1.22% + SOFR thereafter) | ||
2.31%, 11/16/27 (a)(b) | $320,000 | $295,283 |
Deutsche Bank AG (6.82% fixed rate until 11/20/28; 2.51% + SOFR thereafter) | ||
6.82%, 11/20/29 (a)(b) | 150,000 | 155,949 |
Deutsche Telekom AG | ||
3.63%, 01/21/50 (a)(f) | 191,000 | 140,030 |
DH Europe Finance II SARL | ||
2.60%, 11/15/29 (a) | 24,000 | 21,401 |
3.25%, 11/15/39 (a) | 16,000 | 12,643 |
3.40%, 11/15/49 (a) | 4,000 | 2,876 |
Diamondback Energy, Inc. | ||
3.13%, 03/24/31 (a) | 32,000 | 28,151 |
4.40%, 03/24/51 (a) | 15,000 | 11,956 |
5.40%, 04/18/34 (a) | 125,000 | 123,731 |
5.75%, 04/18/54 (a) | 45,000 | 43,601 |
Digital Realty Trust LP | ||
3.60%, 07/01/29 (a) | 40,000 | 37,082 |
Discovery Communications LLC | ||
3.95%, 03/20/28 (a) | 16,000 | 14,958 |
5.00%, 09/20/37 (a) | 2,000 | 1,711 |
Dollar General Corp. | ||
3.50%, 04/03/30 (a) | 16,000 | 14,614 |
4.13%, 04/03/50 (a) | 23,000 | 17,448 |
Dollar Tree, Inc. | ||
4.00%, 05/15/25 (a) | 24,000 | 23,649 |
Dominion Energy, Inc. | ||
3.07%, 08/15/24 (a)(e) | 41,000 | 40,845 |
3.38%, 04/01/30 (a) | 48,000 | 43,355 |
Dover Corp. | ||
2.95%, 11/04/29 (a) | 24,000 | 21,686 |
Dow Chemical Co. | ||
2.10%, 11/15/30 (a) | 19,000 | 16,024 |
3.60%, 11/15/50 (a) | 21,000 | 14,618 |
4.25%, 10/01/34 (a) | 11,000 | 10,039 |
5.15%, 02/15/34 (a) | 47,000 | 46,013 |
5.55%, 11/30/48 (a) | 14,000 | 13,294 |
6.30%, 03/15/33 (a) | 44,000 | 46,420 |
DTE Energy Co. | ||
2.85%, 10/01/26 (a) | 15,000 | 14,203 |
Duke Energy Carolinas LLC | ||
3.95%, 03/15/48 (a) | 17,000 | 13,088 |
Duke Energy Corp. | ||
2.55%, 06/15/31 (a) | 71,000 | 59,460 |
3.30%, 06/15/41 (a) | 65,000 | 47,152 |
3.50%, 06/15/51 (a) | 55,000 | 37,096 |
3.75%, 09/01/46 (a) | 93,000 | 67,735 |
Elfun Income Fund | 55 |
Principal Amount | Fair Value | |
Duke Energy Corp. (4.88% fixed rate until 09/16/24; 3.39% + 5 yr. CMT thereafter) | ||
4.88%, 09/16/24 (a)(b) | $115,000 | $114,334 |
Duke Energy Progress LLC | ||
4.15%, 12/01/44 (a) | 21,000 | 16,867 |
DuPont de Nemours, Inc. | ||
5.42%, 11/15/48 (a) | 2,000 | 2,072 |
Duquesne Light Holdings, Inc. | ||
3.62%, 08/01/27 (a)(f) | 40,000 | 37,612 |
Eastman Chemical Co. | ||
4.65%, 10/15/44 (a) | 27,000 | 22,611 |
Eaton Corp. | ||
3.10%, 09/15/27 (a) | 12,000 | 11,325 |
Edison International | ||
4.95%, 04/15/25 (a) | 76,000 | 75,435 |
5.75%, 06/15/27 (a) | 11,000 | 11,105 |
EIDP, Inc. | ||
2.30%, 07/15/30 (a) | 18,000 | 15,492 |
Electronic Arts, Inc. | ||
1.85%, 02/15/31 (a) | 33,000 | 26,949 |
Elevance Health, Inc. | ||
2.88%, 09/15/29 (a) | 14,000 | 12,593 |
3.60%, 03/15/51 (a) | 16,000 | 11,495 |
3.70%, 09/15/49 (a) | 16,000 | 11,812 |
5.13%, 02/15/53 (a) | 12,000 | 11,040 |
5.65%, 06/15/54 (a) | 70,000 | 69,210 |
6.10%, 10/15/52 (a) | 22,000 | 23,083 |
Eli Lilly & Co. | ||
5.00%, 02/09/54 (a) | 18,000 | 17,193 |
5.10%, 02/09/64 (a) | 71,000 | 67,651 |
Emera U.S. Finance LP | ||
2.64%, 06/15/31 (a) | 70,000 | 57,709 |
Emerson Electric Co. | ||
1.80%, 10/15/27 (a) | 17,000 | 15,477 |
2.75%, 10/15/50 (a) | 19,000 | 12,124 |
Enbridge Energy Partners LP | ||
5.50%, 09/15/40 (a) | 2,000 | 1,908 |
Enbridge, Inc. | ||
1.60%, 10/04/26 (a) | 104,000 | 95,737 |
Enbridge, Inc. (5.75% fixed rate until 04/15/30; 5.31% + 5 yr. CMT thereafter) | ||
5.75%, 07/15/80 (a)(b) | 63,000 | 59,350 |
Energy Transfer LP | ||
5.25%, 07/01/29 (a) | 330,000 | 328,053 |
5.30%, 04/01/44 - 04/15/47 (a) | 46,000 | 40,921 |
5.35%, 05/15/45 (a) | 37,000 | 33,112 |
5.75%, 02/15/33 (a) | 64,000 | 64,541 |
5.95%, 05/15/54 (a) | 22,000 | 21,311 |
6.10%, 12/01/28 (a) | 89,000 | 91,652 |
6.40%, 12/01/30 (a) | 36,000 | 37,831 |
Principal Amount | Fair Value | |
6.50%, 02/01/42 (a) | $23,000 | $23,828 |
Energy Transfer LP (6.75% fixed rate until 05/15/25; 5.13% + 5 yr. CMT thereafter) | ||
6.75%, 05/15/25 (a)(b) | 251,000 | 249,737 |
Enterprise Products Operating LLC | ||
4.25%, 02/15/48 (a) | 40,000 | 32,706 |
4.85%, 01/31/34 (a) | 149,000 | 144,715 |
Enterprise Products Operating LLC (5.25% fixed rate until 08/16/27; 3.29% + 3 mo. Term SOFR thereafter) | ||
5.25%, 08/16/77 (a)(b) | 11,000 | 10,531 |
EOG Resources, Inc. | ||
4.15%, 01/15/26 (a) | 3,000 | 2,954 |
4.95%, 04/15/50 (a) | 14,000 | 12,841 |
5.10%, 01/15/36 (a) | 5,000 | 4,843 |
Equinix, Inc. | ||
1.25%, 07/15/25 (a) | 53,000 | 50,639 |
2.15%, 07/15/30 (a) | 40,000 | 33,524 |
ERP Operating LP | ||
4.50%, 07/01/44 (a) | 13,000 | 11,010 |
Estee Lauder Cos., Inc. | ||
2.38%, 12/01/29 (a) | 18,000 | 15,789 |
3.13%, 12/01/49 (a) | 24,000 | 16,030 |
Everest Reinsurance Holdings, Inc. | ||
3.13%, 10/15/52 (a) | 16,000 | 9,887 |
Eversource Energy | ||
3.45%, 01/15/50 (a) | 31,000 | 21,221 |
Exelon Corp. | ||
4.05%, 04/15/30 (a) | 48,000 | 45,076 |
4.45%, 04/15/46 (a) | 32,000 | 26,417 |
4.70%, 04/15/50 (a) | 32,000 | 27,032 |
5.60%, 03/15/53 (a) | 90,000 | 86,587 |
Extra Space Storage LP | ||
2.20%, 10/15/30 (a) | 33,000 | 27,401 |
3.90%, 04/01/29 (a) | 22,000 | 20,699 |
5.90%, 01/15/31 (a) | 97,000 | 99,055 |
Exxon Mobil Corp. | ||
2.61%, 10/15/30 (a) | 47,000 | 41,248 |
3.45%, 04/15/51 (a) | 53,000 | 38,269 |
FedEx Corp. | ||
4.10%, 02/01/45 (a) | 55,000 | 43,234 |
Fidelity National Financial, Inc. | ||
3.20%, 09/17/51 (a) | 43,000 | 26,453 |
Fidelity National Information Services, Inc. | ||
3.10%, 03/01/41 (a) | 3,000 | 2,155 |
FirstEnergy Corp. | ||
3.40%, 03/01/50 (a) | 40,000 | 26,558 |
56 | Elfun Income Fund |
Principal Amount | Fair Value | |
FirstEnergy Transmission LLC | ||
4.55%, 04/01/49 (a)(f) | $53,000 | $43,819 |
Fiserv, Inc. | ||
3.50%, 07/01/29 (a) | 11,000 | 10,172 |
4.40%, 07/01/49 (a) | 11,000 | 8,923 |
Florida Power & Light Co. | ||
2.85%, 04/01/25 (a) | 83,000 | 81,363 |
4.13%, 02/01/42 (a) | 22,000 | 18,547 |
Flowers Foods, Inc. | ||
2.40%, 03/15/31 (a) | 27,000 | 22,462 |
Flowserve Corp. | ||
2.80%, 01/15/32 (a) | 39,000 | 32,004 |
Ford Motor Credit Co. LLC | ||
6.13%, 03/08/34 | 250,000 | 247,677 |
Fox Corp. | ||
6.50%, 10/13/33 (a) | 59,000 | 61,828 |
Freeport-McMoRan, Inc. | ||
4.25%, 03/01/30 (a) | 100,000 | 94,577 |
GA Global Funding Trust | ||
1.63%, 01/15/26 (a)(f) | 46,000 | 43,219 |
General Dynamics Corp. | ||
4.25%, 04/01/50 (a) | 20,000 | 16,844 |
General Mills, Inc. | ||
3.00%, 02/01/51 (a) | 19,000 | 12,136 |
General Motors Co. | ||
5.20%, 04/01/45 (a) | 2,000 | 1,755 |
5.40%, 04/01/48 (a) | 4,000 | 3,583 |
6.13%, 10/01/25 (a) | 47,000 | 47,239 |
6.80%, 10/01/27 (a) | 19,000 | 19,726 |
General Motors Financial Co., Inc. | ||
1.25%, 01/08/26 (a) | 56,000 | 52,442 |
2.35%, 01/08/31 (a) | 24,000 | 19,686 |
5.25%, 03/01/26 (a) | 19,000 | 18,893 |
5.85%, 04/06/30 (a) | 156,000 | 157,870 |
6.10%, 01/07/34 (a) | 140,000 | 141,537 |
Genuine Parts Co. | ||
2.75%, 02/01/32 (a) | 24,000 | 19,931 |
Georgia Power Co. | ||
5.25%, 03/15/34 (a) | 194,000 | 193,455 |
Georgia-Pacific LLC | ||
1.75%, 09/30/25 (a)(f) | 64,000 | 61,217 |
3.60%, 03/01/25 (a)(f) | 104,000 | 102,567 |
Gilead Sciences, Inc. | ||
2.60%, 10/01/40 (a) | 22,000 | 15,131 |
2.95%, 03/01/27 (a) | 2,000 | 1,898 |
3.50%, 02/01/25 (a) | 12,000 | 11,852 |
3.65%, 03/01/26 (a) | 12,000 | 11,671 |
4.15%, 03/01/47 (a) | 13,000 | 10,566 |
4.60%, 09/01/35 (a) | 26,000 | 24,539 |
5.25%, 10/15/33 (a) | 25,000 | 25,166 |
GlaxoSmithKline Capital PLC | ||
3.38%, 06/01/29 (a) | 32,000 | 29,966 |
Principal Amount | Fair Value | |
GlaxoSmithKline Capital, Inc. | ||
3.63%, 05/15/25 (a) | $32,000 | $31,528 |
Goldman Sachs Group, Inc. | ||
3.85%, 01/26/27 (a) | 121,000 | 116,939 |
4.25%, 10/21/25 (a) | 3,000 | 2,948 |
5.15%, 05/22/45 (a) | 14,000 | 13,093 |
Goldman Sachs Group, Inc. (1.54% fixed rate until 09/10/26; 0.82% + SOFR thereafter) | ||
1.54%, 09/10/27 (a)(b) | 52,000 | 47,749 |
Goldman Sachs Group, Inc. (2.38% fixed rate until 07/21/31; 1.25% + SOFR thereafter) | ||
2.38%, 07/21/32 (a)(b) | 27,000 | 22,189 |
Goldman Sachs Group, Inc. (2.91% fixed rate until 07/21/41; 1.47% + SOFR thereafter) | ||
2.91%, 07/21/42 (a)(b) | 22,000 | 15,449 |
Goldman Sachs Group, Inc. (3.21% fixed rate until 04/22/41; 1.51% + SOFR thereafter) | ||
3.21%, 04/22/42 (a)(b) | 33,000 | 24,447 |
Goldman Sachs Group, Inc. (3.44% fixed rate until 02/24/42; 1.63% + SOFR thereafter) | ||
3.44%, 02/24/43 (a)(b) | 53,000 | 39,981 |
Goldman Sachs Group, Inc. (3.81% fixed rate until 04/23/28; 1.42% + 3 mo. Term SOFR thereafter) | ||
3.81%, 04/23/29 (a)(b) | 14,000 | 13,281 |
Goldman Sachs Group, Inc. (4.02% fixed rate until 10/31/37; 1.63% + 3 mo. Term SOFR thereafter) | ||
4.02%, 10/31/38 (a)(b) | 16,000 | 13,610 |
Goldman Sachs Group, Inc. (4.22% fixed rate until 05/01/28; 1.56% + 3 mo. Term SOFR thereafter) | ||
4.22%, 05/01/29 (a)(b) | 23,000 | 22,140 |
Graphic Packaging International LLC | ||
1.51%, 04/15/26 (a)(f) | 37,000 | 34,217 |
Gray Oak Pipeline LLC | ||
2.60%, 10/15/25 (a)(f) | 58,000 | 55,661 |
Haleon U.S. Capital LLC | ||
3.38%, 03/24/27 (a) | 250,000 | 238,585 |
Halliburton Co. | ||
3.80%, 11/15/25 (a) | 2,000 | 1,958 |
5.00%, 11/15/45 (a) | 14,000 | 12,674 |
Elfun Income Fund | 57 |
Principal Amount | Fair Value | |
Harley-Davidson Financial Services, Inc. | ||
5.95%, 06/11/29 (a)(f) | $198,000 | $197,291 |
Hartford Financial Services Group, Inc. 3 mo. Term SOFR + 2.39% | ||
7.71%, 02/12/67 (a)(b)(f) | 37,000 | 32,942 |
HCA, Inc. | ||
3.13%, 03/15/27 (a) | 81,000 | 76,529 |
3.38%, 03/15/29 (a) | 49,000 | 45,024 |
3.50%, 09/01/30 (a) | 27,000 | 24,356 |
3.63%, 03/15/32 (a) | 24,000 | 21,136 |
4.63%, 03/15/52 (a) | 52,000 | 41,992 |
5.38%, 02/01/25 (a) | 246,000 | 245,112 |
5.60%, 04/01/34 (a) | 64,000 | 63,586 |
6.00%, 04/01/54 (a) | 30,000 | 29,596 |
Health Care Service Corp. A Mutual Legal Reserve Co. | ||
2.20%, 06/01/30 (a)(f) | 33,000 | 27,850 |
3.20%, 06/01/50 (a)(f) | 15,000 | 9,663 |
Healthcare Realty Holdings LP | ||
2.00%, 03/15/31 (a) | 19,000 | 14,984 |
Helmerich & Payne, Inc. | ||
2.90%, 09/29/31 (a) | 19,000 | 15,827 |
Hess Corp. | ||
5.60%, 02/15/41 (a) | 3,000 | 2,993 |
5.80%, 04/01/47 (a) | 2,000 | 2,025 |
Hewlett Packard Enterprise Co. | ||
6.35%, 10/15/45 (a) | 2,000 | 2,101 |
Highwoods Realty LP | ||
4.13%, 03/15/28 (a) | 14,000 | 13,094 |
4.20%, 04/15/29 (a) | 33,000 | 30,208 |
7.65%, 02/01/34 (a) | 6,000 | 6,442 |
Home Depot, Inc. | ||
2.70%, 04/15/30 (a) | 14,000 | 12,471 |
3.35%, 04/15/50 (a) | 27,000 | 19,198 |
3.50%, 09/15/56 (a) | 16,000 | 11,349 |
3.90%, 12/06/28 - 06/15/47 (a) | 22,000 | 19,319 |
4.50%, 12/06/48 (a) | 11,000 | 9,535 |
4.95%, 06/25/34 - 09/15/52 (a) | 53,000 | 51,294 |
5.30%, 06/25/54 (a) | 15,000 | 14,645 |
5.40%, 06/25/64 (a) | 55,000 | 53,600 |
Honeywell International, Inc. | ||
1.75%, 09/01/31 (a) | 37,000 | 29,988 |
2.70%, 08/15/29 (a) | 3,000 | 2,715 |
5.25%, 03/01/54 (a) | 172,000 | 166,941 |
Hormel Foods Corp. | ||
1.80%, 06/11/30 (a) | 50,000 | 41,996 |
Principal Amount | Fair Value | |
HSBC Holdings PLC (2.01% fixed rate until 09/22/27; 1.73% + SOFR thereafter) | ||
2.01%, 09/22/28 (a)(b) | $330,000 | $296,337 |
HSBC Holdings PLC (2.87% fixed rate until 11/22/31; 1.41% + SOFR thereafter) | ||
2.87%, 11/22/32 (a)(b) | 200,000 | 166,396 |
HSBC Holdings PLC (4.29% fixed rate until 09/12/25; 1.61% + 3 mo. Term SOFR thereafter) | ||
4.29%, 09/12/26 (a)(b) | 423,000 | 415,543 |
HSBC Holdings PLC (6.00% fixed rate until 05/22/27; 3.75% + 5 yr. USD ICE Swap thereafter) | ||
6.00%, 05/22/27 (a)(b) | 465,000 | 448,492 |
Huntington Bancshares, Inc. | ||
2.55%, 02/04/30 (a) | 56,000 | 47,896 |
Huntington Ingalls Industries, Inc. | ||
2.04%, 08/16/28 (a) | 47,000 | 41,372 |
Hyundai Capital America | ||
5.40%, 01/08/31 (a)(f) | 211,000 | 209,582 |
IBM International Capital Pte. Ltd. | ||
5.25%, 02/05/44 (a) | 104,000 | 98,536 |
Imperial Brands Finance PLC | ||
3.13%, 07/26/24 (a)(f) | 264,000 | 263,554 |
3.50%, 07/26/26 (a)(f) | 200,000 | 191,798 |
5.50%, 02/01/30 (a)(f)(g) | 289,000 | 286,254 |
5.88%, 07/01/34 (a)(f)(g) | 233,000 | 228,447 |
Indiana Michigan Power Co. | ||
3.25%, 05/01/51 (a) | 32,000 | 21,049 |
Ingersoll Rand, Inc. | ||
5.70%, 08/14/33 (a) | 73,000 | 74,695 |
Ingredion, Inc. | ||
3.90%, 06/01/50 (a) | 13,000 | 9,618 |
Intel Corp. | ||
2.00%, 08/12/31 (a) | 43,000 | 35,006 |
2.80%, 08/12/41 (a) | 49,000 | 33,915 |
3.10%, 02/15/60 (a) | 19,000 | 11,509 |
5.63%, 02/10/43 (a) | 53,000 | 52,503 |
5.70%, 02/10/53 (a) | 38,000 | 37,382 |
5.90%, 02/10/63 (a) | 30,000 | 29,986 |
Intercontinental Exchange, Inc. | ||
2.65%, 09/15/40 (a) | 14,000 | 9,713 |
International Business Machines Corp. | ||
3.45%, 02/19/26 (a) | 254,000 | 246,858 |
4.25%, 05/15/49 (a) | 150,000 | 121,927 |
Interstate Power & Light Co. | ||
3.40%, 08/15/25 (a) | 117,000 | 114,173 |
58 | Elfun Income Fund |
Principal Amount | Fair Value | |
Intuit, Inc. | ||
5.50%, 09/15/53 (a) | $52,000 | $52,210 |
ITC Holdings Corp. | ||
2.95%, 05/14/30 (a)(f) | 80,000 | 70,456 |
J M Smucker Co. | ||
6.50%, 11/15/43 - 11/15/53 (a) | 104,000 | 110,730 |
Jacobs Engineering Group, Inc. | ||
5.90%, 03/01/33 (a) | 116,000 | 116,153 |
JBS USA Holding Lux SARL/ JBS USA Food Co./ JBS Lux Co. SARL | ||
5.13%, 02/01/28 (a) | 85,000 | 83,994 |
5.75%, 04/01/33 (a) | 22,000 | 21,879 |
6.75%, 03/15/34 (a)(f) | 56,000 | 59,233 |
Jefferies Financial Group, Inc. | ||
5.88%, 07/21/28 (a) | 89,000 | 89,877 |
Johnson & Johnson | ||
3.63%, 03/03/37 (a) | 13,000 | 11,333 |
Johnson Controls International PLC | ||
4.50%, 02/15/47 (a) | 6,000 | 5,004 |
JPMorgan Chase & Co. (1.58% fixed rate until 04/22/26; 0.89% + SOFR thereafter) | ||
1.58%, 04/22/27 (a)(b) | 93,000 | 86,834 |
JPMorgan Chase & Co. (2.96% fixed rate until 05/13/30; 2.52% + 3 mo. Term SOFR thereafter) | ||
2.96%, 05/13/31 (a)(b) | 54,000 | 47,325 |
JPMorgan Chase & Co. (3.16% fixed rate until 04/22/41; 1.46% + SOFR thereafter) | ||
3.16%, 04/22/42 (a)(b) | 44,000 | 32,660 |
JPMorgan Chase & Co. (3.88% fixed rate until 07/24/37; 1.62% + 3 mo. Term SOFR thereafter) | ||
3.88%, 07/24/38 (a)(b) | 19,000 | 16,304 |
JPMorgan Chase & Co. (3.90% fixed rate until 01/23/48; 1.48% + 3 mo. Term SOFR thereafter) | ||
3.90%, 01/23/49 (a)(b) | 102,000 | 80,386 |
JPMorgan Chase & Co. (3.96% fixed rate until 01/29/26; 1.51% + 3 mo. Term SOFR thereafter) | ||
3.96%, 01/29/27 (a)(b) | 56,000 | 54,707 |
Principal Amount | Fair Value | |
JPMorgan Chase & Co. (4.01% fixed rate until 04/23/28; 1.38% + 3 mo. Term SOFR thereafter) | ||
4.01%, 04/23/29 (a)(b) | $22,000 | $21,054 |
JPMorgan Chase & Co. (4.03% fixed rate until 07/24/47; 1.72% + 3 mo. Term SOFR thereafter) | ||
4.03%, 07/24/48 (a)(b) | 13,000 | 10,461 |
JPMorgan Chase & Co. (4.49% fixed rate until 03/24/30; 3.79% + 3 mo. Term SOFR thereafter) | ||
4.49%, 03/24/31 (a)(b) | 81,000 | 78,099 |
JPMorgan Chase & Co. (4.60% fixed rate until 02/01/25; 3.13% + 3 mo. Term SOFR thereafter) | ||
4.60%, 02/01/25 (a)(b) | 97,000 | 95,723 |
JPMorgan Chase & Co. (5.34% fixed rate until 01/23/34; 1.62% + SOFR thereafter) | ||
5.34%, 01/23/35 (a)(b) | 155,000 | 154,194 |
Kaiser Foundation Hospitals | ||
3.27%, 11/01/49 (a) | 154,000 | 109,756 |
Kenvue, Inc. | ||
4.90%, 03/22/33 (a) | 28,000 | 27,685 |
5.05%, 03/22/53 (a) | 33,000 | 31,110 |
5.20%, 03/22/63 (a) | 20,000 | 18,891 |
Keurig Dr Pepper, Inc. | ||
3.20%, 05/01/30 (a) | 27,000 | 24,339 |
3.80%, 05/01/50 (a) | 23,000 | 17,116 |
Kinder Morgan Energy Partners LP | ||
4.70%, 11/01/42 (a) | 3,000 | 2,518 |
5.00%, 03/01/43 (a) | 13,000 | 11,339 |
6.38%, 03/01/41 (a) | 13,000 | 13,219 |
Kinder Morgan, Inc. | ||
1.75%, 11/15/26 (a) | 115,000 | 106,009 |
5.05%, 02/15/46 (a) | 12,000 | 10,510 |
5.20%, 06/01/33 (a) | 24,000 | 23,305 |
KLA Corp. | ||
3.30%, 03/01/50 (a) | 27,000 | 18,989 |
Kraft Heinz Foods Co. | ||
5.20%, 07/15/45 (a) | 50,000 | 45,807 |
Kroger Co. | ||
2.20%, 05/01/30 (a) | 22,000 | 18,704 |
4.65%, 01/15/48 (a) | 6,000 | 5,086 |
Kyndryl Holdings, Inc. | ||
2.05%, 10/15/26 (a) | 53,000 | 48,863 |
2.70%, 10/15/28 (a) | 107,000 | 95,092 |
L3Harris Technologies, Inc. | ||
3.85%, 12/15/26 (a) | 19,000 | 18,366 |
Elfun Income Fund | 59 |
Principal Amount | Fair Value | |
Las Vegas Sands Corp. | ||
5.90%, 06/01/27 (a) | $115,000 | $115,584 |
6.20%, 08/15/34 (a) | 65,000 | 65,416 |
Leidos, Inc. | ||
3.63%, 05/15/25 (a) | 22,000 | 21,614 |
4.38%, 05/15/30 (a) | 100,000 | 94,502 |
5.75%, 03/15/33 (a) | 50,000 | 50,414 |
Liberty Mutual Group, Inc. | ||
3.95%, 05/15/60 (a)(f) | 11,000 | 7,563 |
Lincoln National Corp. | ||
4.35%, 03/01/48 (a) | 43,000 | 32,682 |
Lockheed Martin Corp. | ||
3.55%, 01/15/26 (a) | 2,000 | 1,951 |
4.50%, 05/15/36 (a) | 22,000 | 20,646 |
Lowe's Cos., Inc. | ||
1.30%, 04/15/28 (a) | 16,000 | 13,960 |
1.70%, 09/15/28 - 10/15/30 (a) | 51,000 | 43,934 |
3.00%, 10/15/50 (a) | 27,000 | 16,903 |
3.70%, 04/15/46 (a) | 2,000 | 1,469 |
4.05%, 05/03/47 (a) | 21,000 | 16,217 |
5.63%, 04/15/53 (a) | 40,000 | 38,733 |
LYB International Finance III LLC | ||
1.25%, 10/01/25 (a) | 18,000 | 17,039 |
3.63%, 04/01/51 (a) | 27,000 | 18,555 |
3.80%, 10/01/60 (a) | 10,000 | 6,761 |
M&T Bank Corp. (5.05% fixed rate until 01/27/33; 1.85% + SOFR thereafter) | ||
5.05%, 01/27/34 (a)(b) | 181,000 | 167,465 |
Marsh & McLennan Cos., Inc. | ||
2.90%, 12/15/51 (a) | 27,000 | 16,835 |
McCormick & Co., Inc. | ||
1.85%, 02/15/31 (a) | 17,000 | 13,800 |
3.25%, 11/15/25 (a) | 174,000 | 168,851 |
McDonald's Corp. | ||
3.60%, 07/01/30 (a) | 37,000 | 34,299 |
3.63%, 09/01/49 (a) | 9,000 | 6,529 |
4.88%, 12/09/45 (a) | 12,000 | 10,784 |
Medtronic Global Holdings SCA | ||
4.50%, 03/30/33 (a) | 160,000 | 153,829 |
Medtronic, Inc. | ||
4.63%, 03/15/45 (a) | 2,000 | 1,808 |
Memorial Sloan-Kettering Cancer Center | ||
4.13%, 07/01/52 (a) | 56,000 | 46,311 |
Mercedes-Benz Finance North America LLC | ||
5.38%, 11/26/25 (a)(f) | 245,000 | 245,184 |
Merck & Co., Inc. | ||
1.90%, 12/10/28 (a) | 73,000 | 64,904 |
2.45%, 06/24/50 (a) | 40,000 | 23,787 |
Principal Amount | Fair Value | |
2.75%, 12/10/51 (a) | $26,000 | $16,257 |
2.90%, 12/10/61 (a) | 12,000 | 7,182 |
4.00%, 03/07/49 (a) | 8,000 | 6,466 |
4.50%, 05/17/33 (a) | 49,000 | 47,344 |
5.00%, 05/17/53 (a) | 10,000 | 9,411 |
Meritage Homes Corp. | ||
3.88%, 04/15/29 (a)(f) | 194,000 | 178,790 |
Meta Platforms, Inc. | ||
3.85%, 08/15/32 (a) | 97,000 | 90,252 |
4.45%, 08/15/52 (a) | 53,000 | 45,699 |
MetLife, Inc. | ||
4.72%, 12/15/44 (a) | 19,000 | 16,767 |
Micron Technology, Inc. | ||
3.37%, 11/01/41 (a) | 36,000 | 26,340 |
3.48%, 11/01/51 (a) | 49,000 | 33,694 |
5.30%, 01/15/31 (a) | 42,000 | 41,899 |
Microsoft Corp. | ||
2.40%, 08/08/26 (a) | 20,000 | 19,024 |
2.68%, 06/01/60 (a) | 6,000 | 3,648 |
2.92%, 03/17/52 (a) | 53,000 | 36,001 |
3.45%, 08/08/36 (a) | 2,000 | 1,744 |
3.50%, 02/12/35 (a) | 17,000 | 15,394 |
Mid-America Apartments LP | ||
2.88%, 09/15/51 (a) | 42,000 | 26,073 |
Mizuho Financial Group, Inc. | ||
2.84%, 09/13/26 (a) | 489,000 | 463,191 |
Molson Coors Beverage Co. | ||
4.20%, 07/15/46 (a) | 6,000 | 4,791 |
Morgan Stanley | ||
3.70%, 10/23/24 (a) | 13,000 | 12,918 |
3.97%, 07/22/38 (a)(b) | 19,000 | 16,084 |
4.35%, 09/08/26 (a) | 57,000 | 55,744 |
4.38%, 01/22/47 (a) | 18,000 | 15,410 |
Morgan Stanley (1.51% fixed rate until 07/20/26; 0.86% + SOFR thereafter) | ||
1.51%, 07/20/27 (a)(b) | 43,000 | 39,764 |
Morgan Stanley (2.48% fixed rate until 09/16/31; 1.36% + SOFR thereafter) | ||
2.48%, 09/16/36 (a)(b) | 168,000 | 132,957 |
Morgan Stanley (2.80% fixed rate until 01/25/51; 1.43% + SOFR thereafter) | ||
2.80%, 01/25/52 (a)(b) | 83,000 | 52,206 |
Morgan Stanley (5.47% fixed rate until 01/18/34; 1.73% + SOFR thereafter) | ||
5.47%, 01/18/35 (a)(b) | 46,000 | 45,894 |
MPLX LP | ||
2.65%, 08/15/30 (a) | 27,000 | 23,273 |
5.20%, 12/01/47 (a) | 6,000 | 5,282 |
Mylan, Inc. | ||
5.20%, 04/15/48 (a) | 13,000 | 10,552 |
60 | Elfun Income Fund |
Principal Amount | Fair Value | |
Nasdaq, Inc. | ||
5.95%, 08/15/53 (a) | $19,000 | $19,206 |
6.10%, 06/28/63 (a) | 24,000 | 24,348 |
National Australia Bank Ltd. (3.35% fixed rate until 01/12/32; 1.70% + 5 yr. CMT thereafter) | ||
3.35%, 01/12/37 (a)(b)(f) | 254,000 | 214,493 |
Nevada Power Co. | ||
6.00%, 03/15/54 (a) | 31,000 | 31,479 |
NewMarket Corp. | ||
2.70%, 03/18/31 (a) | 24,000 | 19,982 |
Newmont Corp. | ||
4.88%, 03/15/42 (a) | 19,000 | 17,525 |
NextEra Energy Capital Holdings, Inc. (5.65% fixed rate until 05/01/29; 3.16% + 3 mo. Term SOFR thereafter) | ||
5.65%, 05/01/79 (a)(b) | 27,000 | 25,760 |
NGPL PipeCo LLC | ||
3.25%, 07/15/31 (a)(f) | 49,000 | 41,833 |
Niagara Mohawk Power Corp. | ||
5.66%, 01/17/54 (a)(f) | 42,000 | 40,331 |
NIKE, Inc. | ||
3.38%, 03/27/50 (a) | 11,000 | 7,921 |
NNN REIT, Inc. | ||
4.00%, 11/15/25 (a) | 22,000 | 21,547 |
Norfolk Southern Corp. | ||
3.95%, 10/01/42 (a) | 22,000 | 17,632 |
Northern Natural Gas Co. | ||
5.63%, 02/01/54 (a)(f) | 95,000 | 93,103 |
Northwestern Mutual Life Insurance Co. | ||
3.45%, 03/30/51 (a)(f) | 68,000 | 47,514 |
NOV, Inc. | ||
3.60%, 12/01/29 (a) | 37,000 | 34,027 |
Novant Health, Inc. | ||
3.32%, 11/01/61 (a) | 28,000 | 18,483 |
Novartis Capital Corp. | ||
2.20%, 08/14/30 (a) | 42,000 | 36,372 |
3.00%, 11/20/25 (a) | 2,000 | 1,946 |
Nutrien Ltd. | ||
4.90%, 03/27/28 - 06/01/43 (a) | 143,000 | 139,575 |
5.40%, 06/21/34 (a) | 198,000 | 195,038 |
NVIDIA Corp. | ||
3.50%, 04/01/50 (a) | 20,000 | 15,331 |
Occidental Petroleum Corp. | ||
6.13%, 01/01/31 (a) | 96,000 | 98,308 |
Oklahoma Gas & Electric Co. | ||
3.25%, 04/01/30 (a) | 27,000 | 24,381 |
Principal Amount | Fair Value | |
Oncor Electric Delivery Co. LLC | ||
3.80%, 09/30/47 (a) | $4,000 | $3,050 |
ONEOK, Inc. | ||
4.35%, 03/15/29 (a) | 22,000 | 21,191 |
6.10%, 11/15/32 (a) | 75,000 | 77,548 |
6.63%, 09/01/53 (a) | 66,000 | 70,477 |
Oracle Corp. | ||
2.30%, 03/25/28 (a) | 19,000 | 17,178 |
2.65%, 07/15/26 (a) | 27,000 | 25,587 |
2.95%, 04/01/30 (a) | 42,000 | 37,335 |
3.60%, 04/01/50 (a) | 27,000 | 18,854 |
3.95%, 03/25/51 (a) | 17,000 | 12,567 |
4.00%, 07/15/46 - 11/15/47 (a) | 36,000 | 27,345 |
4.10%, 03/25/61 (a) | 36,000 | 25,848 |
5.55%, 02/06/53 (a) | 24,000 | 22,697 |
6.15%, 11/09/29 (a) | 94,000 | 98,293 |
6.90%, 11/09/52 (a) | 24,000 | 26,826 |
Otis Worldwide Corp. | ||
2.06%, 04/05/25 (a) | 43,000 | 41,844 |
2.57%, 02/15/30 (a) | 16,000 | 14,039 |
3.36%, 02/15/50 (a) | 19,000 | 13,365 |
Owens Corning | ||
3.88%, 06/01/30 (a) | 106,000 | 98,701 |
5.70%, 06/15/34 (a) | 85,000 | 85,812 |
5.95%, 06/15/54 (a) | 25,000 | 25,170 |
Pacific Gas & Electric Co. | ||
2.10%, 08/01/27 (a) | 33,000 | 29,803 |
2.50%, 02/01/31 (a) | 57,000 | 47,000 |
3.00%, 06/15/28 (a) | 153,000 | 139,896 |
3.30%, 08/01/40 (a) | 57,000 | 40,532 |
3.50%, 08/01/50 (a) | 23,000 | 15,049 |
4.30%, 03/15/45 (a) | 38,000 | 29,077 |
PacifiCorp | ||
2.70%, 09/15/30 (a) | 28,000 | 24,288 |
2.90%, 06/15/52 (a) | 62,000 | 36,607 |
5.80%, 01/15/55 (a) | 42,000 | 40,693 |
6.25%, 10/15/37 (a) | 2,000 | 2,065 |
Packaging Corp. of America | ||
3.05%, 10/01/51 (a) | 37,000 | 24,164 |
Paramount Global | ||
2.90%, 01/15/27 (a) | 6,000 | 5,538 |
3.70%, 06/01/28 (a) | 11,000 | 9,926 |
5.25%, 04/01/44 (a) | 2,000 | 1,452 |
Parker-Hannifin Corp. | ||
3.25%, 06/14/29 (a) | 22,000 | 20,198 |
4.50%, 09/15/29 (a) | 36,000 | 35,078 |
Patterson-UTI Energy, Inc. | ||
7.15%, 10/01/33 (a) | 46,000 | 48,742 |
PayPal Holdings, Inc. | ||
2.65%, 10/01/26 (a) | 36,000 | 34,071 |
3.25%, 06/01/50 (a) | 20,000 | 13,537 |
Elfun Income Fund | 61 |
Principal Amount | Fair Value | |
PepsiCo, Inc. | ||
1.63%, 05/01/30 (a) | $23,000 | $19,254 |
2.63%, 07/29/29 (a) | 32,000 | 28,945 |
2.75%, 10/21/51 (a) | 65,000 | 41,223 |
Pfizer Investment Enterprises Pte. Ltd. | ||
4.45%, 05/19/28 (a) | 146,000 | 143,452 |
4.75%, 05/19/33 (a) | 49,000 | 47,740 |
5.30%, 05/19/53 (a) | 20,000 | 19,303 |
5.34%, 05/19/63 (a) | 33,000 | 31,144 |
Pfizer, Inc. | ||
2.70%, 05/28/50 (a) | 58,000 | 37,246 |
3.90%, 03/15/39 (a) | 16,000 | 13,671 |
4.13%, 12/15/46 (a) | 14,000 | 11,584 |
4.40%, 05/15/44 (a) | 3,000 | 2,662 |
Philip Morris International, Inc. | ||
1.50%, 05/01/25 (a) | 27,000 | 26,131 |
2.10%, 05/01/30 (a) | 11,000 | 9,325 |
3.38%, 08/15/29 (a) | 18,000 | 16,638 |
4.13%, 03/04/43 (a) | 10,000 | 8,036 |
5.13%, 02/15/30 (a) | 71,000 | 70,746 |
5.25%, 02/13/34 (a) | 60,000 | 58,868 |
5.63%, 11/17/29 (a) | 38,000 | 38,806 |
Phillips 66 Co. | ||
2.15%, 12/15/30 (a) | 136,000 | 113,700 |
3.15%, 12/15/29 (a) | 67,000 | 60,683 |
3.30%, 03/15/52 (a) | 46,000 | 30,109 |
3.75%, 03/01/28 (a) | 2,000 | 1,908 |
4.68%, 02/15/45 (a) | 17,000 | 14,461 |
Pilgrim's Pride Corp. | ||
6.25%, 07/01/33 (a) | 26,000 | 26,405 |
Pioneer Natural Resources Co. | ||
1.13%, 01/15/26 (a) | 45,000 | 42,228 |
2.15%, 01/15/31 (a) | 25,000 | 20,998 |
Plains All American Pipeline LP/PAA Finance Corp. | ||
3.55%, 12/15/29 (a) | 27,000 | 24,662 |
PPL Capital Funding, Inc. | ||
3.10%, 05/15/26 (a) | 34,000 | 32,620 |
Precision Castparts Corp. | ||
4.38%, 06/15/45 (a) | 18,000 | 15,859 |
Progressive Corp. | ||
3.00%, 03/15/32 (a) | 47,000 | 40,785 |
3.70%, 03/15/52 (a) | 15,000 | 11,193 |
Prologis LP | ||
3.05%, 03/01/50 (a) | 12,000 | 7,870 |
3.25%, 06/30/26 (a) | 9,000 | 8,676 |
5.00%, 03/15/34 (a) | 25,000 | 24,467 |
5.25%, 03/15/54 (a) | 17,000 | 16,084 |
Prospect Capital Corp. | ||
3.36%, 11/15/26 (a) | 46,000 | 42,277 |
Principal Amount | Fair Value | |
Prudential Financial, Inc. | ||
3.94%, 12/07/49 (a) | $27,000 | $20,481 |
Prudential Financial, Inc. (5.70% fixed rate until 09/15/28; 2.67% + 3 mo. Term SOFR thereafter) | ||
5.70%, 09/15/48 (a)(b) | 22,000 | 21,564 |
Public Service Co. of Colorado | ||
3.70%, 06/15/28 (a) | 27,000 | 25,623 |
Public Storage Operating Co. | ||
5.35%, 08/01/53 (a) | 23,000 | 22,179 |
PVH Corp. | ||
4.63%, 07/10/25 (a) | 70,000 | 69,212 |
QUALCOMM, Inc. | ||
4.30%, 05/20/47 (a) | 3,000 | 2,558 |
4.50%, 05/20/52 (a) | 53,000 | 45,743 |
Quanta Services, Inc. | ||
2.35%, 01/15/32 (a) | 40,000 | 32,528 |
3.05%, 10/01/41 (a) | 52,000 | 36,571 |
Quest Diagnostics, Inc. | ||
2.95%, 06/30/30 (a) | 9,000 | 7,980 |
Regeneron Pharmaceuticals, Inc. | ||
1.75%, 09/15/30 (a) | 50,000 | 41,152 |
Regions Financial Corp. | ||
1.80%, 08/12/28 (a) | 108,000 | 93,274 |
Regions Financial Corp. (5.72% fixed rate until 06/06/29; 1.49% + SOFR thereafter) | ||
5.72%, 06/06/30 (a)(b) | 355,000 | 354,698 |
RenaissanceRe Holdings Ltd. | ||
5.75%, 06/05/33 (a) | 59,000 | 59,057 |
Republic Services, Inc. | ||
5.00%, 04/01/34 (a) | 45,000 | 44,050 |
Rio Tinto Finance USA Ltd. | ||
2.75%, 11/02/51 (a) | 70,000 | 43,370 |
Roche Holdings, Inc. | ||
5.22%, 03/08/54 (a)(f) | 200,000 | 196,072 |
Rockwell Automation, Inc. | ||
2.80%, 08/15/61 (a) | 14,000 | 8,040 |
4.20%, 03/01/49 (a) | 20,000 | 16,726 |
Rogers Communications, Inc. | ||
5.00%, 03/15/44 (a) | 2,000 | 1,786 |
Roper Technologies, Inc. | ||
2.95%, 09/15/29 (a) | 27,000 | 24,284 |
Ross Stores, Inc. | ||
4.70%, 04/15/27 (a) | 6,000 | 5,918 |
Royalty Pharma PLC | ||
1.20%, 09/02/25 (a) | 43,000 | 40,837 |
1.75%, 09/02/27 (a) | 21,000 | 18,863 |
2.20%, 09/02/30 (a) | 5,000 | 4,169 |
3.30%, 09/02/40 (a) | 3,000 | 2,166 |
62 | Elfun Income Fund |
Principal Amount | Fair Value | |
RPM International, Inc. | ||
3.75%, 03/15/27 (a) | $9,000 | $8,633 |
RTX Corp. | ||
1.90%, 09/01/31 (a) | 56,000 | 44,919 |
2.82%, 09/01/51 (a) | 57,000 | 34,679 |
3.13%, 05/04/27 (a) | 37,000 | 35,086 |
3.50%, 03/15/27 (a) | 15,000 | 14,379 |
3.95%, 08/16/25 (a) | 11,000 | 10,813 |
4.15%, 05/15/45 (a) | 16,000 | 12,918 |
4.45%, 11/16/38 (a) | 13,000 | 11,504 |
6.10%, 03/15/34 (a) | 62,000 | 65,286 |
6.40%, 03/15/54 (a) | 44,000 | 48,012 |
Ryder System, Inc. | ||
2.90%, 12/01/26 (a) | 65,000 | 61,418 |
Salesforce, Inc. | ||
1.95%, 07/15/31 (a) | 34,000 | 27,895 |
2.70%, 07/15/41 (a) | 46,000 | 32,147 |
Sands China Ltd. | ||
5.13%, 08/08/25 (a) | 280,000 | 277,718 |
Schlumberger Holdings Corp. | ||
3.90%, 05/17/28 (a)(f) | 19,000 | 18,136 |
Schlumberger Investment SA | ||
5.00%, 06/01/34 (a) | 198,000 | 194,832 |
Sealed Air Corp. | ||
1.57%, 10/15/26 (a)(f) | 168,000 | 152,856 |
Selective Insurance Group, Inc. | ||
5.38%, 03/01/49 (a) | 11,000 | 10,338 |
Sempra (4.13% fixed rate until 01/01/27; 2.87% + 5 yr. CMT thereafter) | ||
4.13%, 04/01/52 (a)(b) | 76,000 | 70,082 |
Shell International Finance BV | ||
2.38%, 11/07/29 (a) | 82,000 | 72,333 |
3.13%, 11/07/49 (a) | 32,000 | 21,740 |
3.25%, 04/06/50 (a) | 24,000 | 16,680 |
3.75%, 09/12/46 (a) | 11,000 | 8,509 |
Shire Acquisitions Investments Ireland DAC | ||
3.20%, 09/23/26 (a) | 2,000 | 1,918 |
Simon Property Group LP | ||
3.38%, 06/15/27 (a) | 14,000 | 13,358 |
SK Hynix, Inc. | ||
5.50%, 01/16/29 (a)(f) | 200,000 | 199,840 |
Smith & Nephew PLC | ||
5.40%, 03/20/34 (a) | 35,000 | 34,468 |
Southern California Edison Co. | ||
4.00%, 04/01/47 (a) | 58,000 | 44,387 |
4.20%, 03/01/29 (a) | 41,000 | 39,194 |
5.65%, 10/01/28 (a) | 270,000 | 274,647 |
Southern Co. | ||
3.25%, 07/01/26 (a) | 6,000 | 5,769 |
3.70%, 04/30/30 (a) | 73,000 | 67,359 |
Principal Amount | Fair Value | |
Southwest Airlines Co. | ||
2.63%, 02/10/30 (a) | $37,000 | $32,048 |
Southwestern Electric Power Co. | ||
2.75%, 10/01/26 (a) | 21,000 | 19,810 |
Spectra Energy Partners LP | ||
3.38%, 10/15/26 (a) | 2,000 | 1,914 |
4.50%, 03/15/45 (a) | 3,000 | 2,440 |
Starbucks Corp. | ||
4.00%, 11/15/28 (a) | 9,000 | 8,671 |
STERIS Irish FinCo UnLtd Co. | ||
2.70%, 03/15/31 (a) | 86,000 | 73,266 |
Stryker Corp. | ||
1.95%, 06/15/30 (a) | 57,000 | 47,999 |
Sumitomo Mitsui Financial Group, Inc. | ||
6.18%, 07/13/43 (a) | 101,000 | 110,199 |
Sumitomo Mitsui Trust Bank Ltd. | ||
1.35%, 09/16/26 (a)(f) | 484,000 | 444,080 |
Suncor Energy, Inc. | ||
4.00%, 11/15/47 (a) | 2,000 | 1,501 |
Svenska Handelsbanken AB (1.42% fixed rate until 06/11/26; 0.63% + 1 yr. CMT thereafter) | ||
1.42%, 06/11/27 (a)(b)(f) | 250,000 | 230,375 |
Sysco Corp. | ||
3.25%, 07/15/27 (a) | 11,000 | 10,418 |
5.95%, 04/01/30 (a) | 2,000 | 2,081 |
6.60%, 04/01/50 (a) | 3,000 | 3,341 |
Takeda Pharmaceutical Co. Ltd. | ||
2.05%, 03/31/30 (a) | 200,000 | 168,756 |
Take-Two Interactive Software, Inc. | ||
3.70%, 04/14/27 (a) | 130,000 | 125,005 |
4.00%, 04/14/32 (a) | 27,000 | 24,575 |
Tampa Electric Co. | ||
2.40%, 03/15/31 (a) | 61,000 | 51,336 |
3.45%, 03/15/51 (a) | 37,000 | 25,418 |
4.35%, 05/15/44 (a) | 40,000 | 32,955 |
Tapestry, Inc. | ||
4.13%, 07/15/27 (a) | 3,000 | 2,875 |
7.35%, 11/27/28 (a) | 219,000 | 227,223 |
7.85%, 11/27/33 (a) | 45,000 | 47,343 |
Targa Resources Corp. | ||
6.50%, 03/30/34 (a) | 140,000 | 148,197 |
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | ||
5.00%, 01/15/28 (a) | 111,000 | 108,648 |
Elfun Income Fund | 63 |
Principal Amount | Fair Value | |
Target Corp. | ||
1.95%, 01/15/27 (a) | $18,000 | $16,756 |
Texas Instruments, Inc. | ||
3.88%, 03/15/39 (a) | 21,000 | 18,328 |
Thermo Fisher Scientific, Inc. | ||
2.80%, 10/15/41 (a) | 36,000 | 25,616 |
Time Warner Cable LLC | ||
6.55%, 05/01/37 (a) | 12,000 | 11,368 |
T-Mobile USA, Inc. | ||
3.50%, 04/15/31 (a) | 190,000 | 170,759 |
3.75%, 04/15/27 (a) | 73,000 | 70,173 |
4.50%, 04/15/50 (a) | 15,000 | 12,525 |
4.80%, 07/15/28 (a) | 179,000 | 176,616 |
5.50%, 01/15/55 (a) | 35,000 | 33,725 |
Toronto-Dominion Bank | ||
3.20%, 03/10/32 (a) | 113,000 | 97,792 |
4.46%, 06/08/32 (a) | 58,000 | 54,657 |
Toronto-Dominion Bank (3.63% fixed rate until 09/15/26; 2.21% + 5 yr. USD Swap thereafter) | ||
3.63%, 09/15/31 (a)(b) | 21,000 | 19,986 |
Toronto-Dominion Bank (7.25% fixed rate until 07/31/29; 2.98% + 5 yr. CMT thereafter) | ||
7.25%, 07/31/84 (a)(b)(g) | 233,000 | 232,329 |
Tractor Supply Co. | ||
5.25%, 05/15/33 (a) | 47,000 | 46,640 |
Trane Technologies Financing Ltd. | ||
3.55%, 11/01/24 (a) | 23,000 | 22,839 |
3.80%, 03/21/29 (a) | 2,000 | 1,899 |
TransCanada PipeLines Ltd. | ||
4.25%, 05/15/28 (a) | 32,000 | 30,945 |
4.88%, 01/15/26 (a) | 7,000 | 6,942 |
Transcanada Trust (5.63% fixed rate until 05/20/25; 3.53% + 3 mo. Term SOFR thereafter) | ||
5.63%, 05/20/75 (a)(b) | 70,000 | 68,961 |
Transcontinental Gas Pipe Line Co. LLC | ||
4.00%, 03/15/28 (a) | 14,000 | 13,423 |
Travelers Cos., Inc. | ||
2.55%, 04/27/50 (a) | 69,000 | 41,998 |
Truist Financial Corp. (4.80% fixed rate until 09/01/24; 3.00% + 5 yr. CMT thereafter) | ||
4.80%, 09/01/24 (a)(b) | 109,000 | 107,065 |
TWDC Enterprises 18 Corp. | ||
4.13%, 06/01/44 (a) | 3,000 | 2,501 |
Tyco Electronics Group SA | ||
3.13%, 08/15/27 (a) | 16,000 | 15,128 |
Principal Amount | Fair Value | |
Tyson Foods, Inc. | ||
5.40%, 03/15/29 (a) | $49,000 | $49,098 |
5.70%, 03/15/34 (a) | 55,000 | 54,753 |
U.S. Bancorp (4.97% fixed rate until 07/22/32; 2.11% + SOFR thereafter) | ||
4.97%, 07/22/33 (a)(b) | 121,000 | 114,673 |
U.S. Bancorp (5.68% fixed rate until 01/23/34; 1.86% + SOFR thereafter) | ||
5.68%, 01/23/35 (a)(b) | 177,000 | 177,828 |
UDR, Inc. | ||
2.10%, 08/01/32 (a) | 32,000 | 25,019 |
3.00%, 08/15/31 (a) | 19,000 | 16,394 |
Union Pacific Corp. | ||
3.55%, 05/20/61 (a) | 32,000 | 22,054 |
3.60%, 09/15/37 (a) | 6,000 | 5,039 |
3.80%, 04/06/71 (a) | 17,000 | 11,965 |
4.10%, 09/15/67 (a) | 13,000 | 9,821 |
United Parcel Service, Inc. | ||
5.50%, 05/22/54 (a) | 70,000 | 69,373 |
UnitedHealth Group, Inc. | ||
2.00%, 05/15/30 (a) | 40,000 | 33,994 |
4.20%, 05/15/32 (a) | 40,000 | 37,630 |
4.45%, 12/15/48 (a) | 27,000 | 23,074 |
4.75%, 07/15/45 - 05/15/52 (a) | 45,000 | 39,910 |
5.05%, 04/15/53 (a) | 33,000 | 30,609 |
5.20%, 04/15/63 (a) | 54,000 | 50,129 |
6.05%, 02/15/63 (a) | 16,000 | 16,831 |
Utah Acquisition Sub, Inc. | ||
3.95%, 06/15/26 (a) | 198,000 | 192,064 |
Vale Overseas Ltd. | ||
6.13%, 06/12/33 (a) | 97,000 | 97,539 |
6.40%, 06/28/54 (a) | 60,000 | 59,014 |
Ventas Realty LP | ||
3.25%, 10/15/26 (a) | 19,000 | 18,060 |
5.63%, 07/01/34 (a) | 175,000 | 173,299 |
Verisk Analytics, Inc. | ||
5.25%, 06/05/34 (a) | 105,000 | 103,355 |
Verizon Communications, Inc. | ||
2.36%, 03/15/32 (a) | 76,000 | 62,113 |
2.55%, 03/21/31 (a) | 120,000 | 101,934 |
3.00%, 03/22/27 (a) | 101,000 | 95,583 |
3.40%, 03/22/41 (a) | 37,000 | 28,281 |
3.55%, 03/22/51 (a) | 27,000 | 19,432 |
3.70%, 03/22/61 (a) | 41,000 | 28,919 |
4.40%, 11/01/34 (a) | 78,000 | 72,276 |
4.86%, 08/21/46 (a) | 62,000 | 56,258 |
Viatris, Inc. | ||
1.65%, 06/22/25 (a) | 404,000 | 388,196 |
4.00%, 06/22/50 (a) | 52,000 | 35,042 |
Virginia Electric & Power Co. | ||
4.00%, 11/15/46 (a) | 35,000 | 27,229 |
64 | Elfun Income Fund |
Principal Amount | Fair Value | |
Visa, Inc. | ||
2.70%, 04/15/40 (a) | $27,000 | $19,678 |
Vistra Operations Co. LLC | ||
3.55%, 07/15/24 (a)(f) | 113,000 | 112,853 |
6.00%, 04/15/34 (a)(f) | 50,000 | 50,055 |
Viterra Finance BV | ||
2.00%, 04/21/26 (a)(f) | 373,000 | 348,486 |
Vontier Corp. | ||
2.40%, 04/01/28 (a) | 65,000 | 57,621 |
2.95%, 04/01/31 (a) | 50,000 | 41,178 |
Vornado Realty LP | ||
2.15%, 06/01/26 (a) | 69,000 | 63,746 |
3.50%, 01/15/25 (a) | 13,000 | 12,805 |
Walmart, Inc. | ||
1.80%, 09/22/31 (a) | 32,000 | 26,355 |
2.50%, 09/22/41 (a) | 36,000 | 24,918 |
2.65%, 09/22/51 (a) | 19,000 | 11,908 |
Walt Disney Co. | ||
2.65%, 01/13/31 (a) | 42,000 | 36,640 |
3.38%, 11/15/26 (a) | 3,000 | 2,885 |
3.60%, 01/13/51 (a) | 27,000 | 20,131 |
4.75%, 11/15/46 (a) | 3,000 | 2,697 |
6.65%, 11/15/37 (a) | 27,000 | 30,359 |
Warnermedia Holdings, Inc. | ||
4.28%, 03/15/32 (a) | 190,000 | 165,790 |
5.05%, 03/15/42 (a) | 17,000 | 13,815 |
5.14%, 03/15/52 (a) | 17,000 | 13,229 |
5.39%, 03/15/62 (a) | 17,000 | 13,261 |
Waste Connections, Inc. | ||
2.20%, 01/15/32 (a) | 43,000 | 34,985 |
2.95%, 01/15/52 (a) | 49,000 | 31,336 |
WEC Energy Group, Inc. | ||
3.55%, 06/15/25 (a) | 7,000 | 6,855 |
Wells Fargo & Co. | ||
4.15%, 01/24/29 (a) | 48,000 | 46,137 |
4.75%, 12/07/46 (a) | 48,000 | 40,638 |
5.88%, 06/15/25 (a)(b) | 92,000 | 91,914 |
Wells Fargo & Co. (2.19% fixed rate until 04/30/25; 2.00% + SOFR thereafter) | ||
2.19%, 04/30/26 (a)(b) | 63,000 | 61,178 |
Wells Fargo & Co. (2.39% fixed rate until 06/02/27; 2.10% + SOFR thereafter) | ||
2.39%, 06/02/28 (a)(b) | 115,000 | 105,958 |
Wells Fargo & Co. (3.07% fixed rate until 04/30/40; 2.53% + SOFR thereafter) | ||
3.07%, 04/30/41 (a)(b) | 58,000 | 42,542 |
Wells Fargo & Co. (3.20% fixed rate until 06/17/26; 1.43% + 3 mo. Term SOFR thereafter) | ||
3.20%, 06/17/27 (a)(b) | 131,000 | 125,456 |
Principal Amount | Fair Value | |
Wells Fargo & Co. (5.50% fixed rate until 01/23/34; 1.78% + SOFR thereafter) | ||
5.50%, 01/23/35 (a)(b) | $68,000 | $67,836 |
Wells Fargo & Co. (6.49% fixed rate until 10/23/33; 2.06% + SOFR thereafter) | ||
6.49%, 10/23/34 (a)(b) | 76,000 | 81,068 |
Westlake Corp. | ||
2.88%, 08/15/41 (a) | 20,000 | 13,504 |
3.13%, 08/15/51 (a) | 22,000 | 13,831 |
3.38%, 08/15/61 (a) | 19,000 | 11,507 |
Westpac Banking Corp. (2.89% fixed rate until 02/04/25; 1.35% + 5 yr. CMT thereafter) | ||
2.89%, 02/04/30 (a)(b) | 45,000 | 44,116 |
Westpac Banking Corp. (4.11% fixed rate until 07/24/29; 2.00% + 5 yr. CMT thereafter) | ||
4.11%, 07/24/34 (a)(b) | 32,000 | 29,575 |
Williams Cos., Inc. | ||
3.75%, 06/15/27 (a) | 3,000 | 2,880 |
4.85%, 03/01/48 (a) | 13,000 | 11,241 |
4.90%, 01/15/45 (a) | 32,000 | 27,982 |
5.30%, 08/15/52 (a) | 22,000 | 20,373 |
5.40%, 03/04/44 (a) | 3,000 | 2,828 |
Willis North America, Inc. | ||
3.88%, 09/15/49 (a) | 27,000 | 19,424 |
Workday, Inc. | ||
3.50%, 04/01/27 (a) | 47,000 | 44,955 |
3.70%, 04/01/29 (a) | 94,000 | 88,234 |
WPP Finance 2010 | ||
3.75%, 09/19/24 (a) | 19,000 | 18,899 |
Zoetis, Inc. | ||
3.00%, 09/12/27 (a) | 3,000 | 2,814 |
3.90%, 08/20/28 (a) | 16,000 | 15,268 |
5.60%, 11/16/32 (a) | 90,000 | 92,091 |
44,059,661 | ||
Non-Agency Collateralized Mortgage Obligations - 5.9% | ||
Bank | ||
3.18%, 09/15/60 | 2,398,000 | 2,237,199 |
4.41%, 11/15/61 (b) | 1,001,000 | 962,934 |
BPR Trust 1 mo. Term SOFR + 1.90% | ||
7.23%, 04/15/37 (b)(f) | 372,398 | 372,527 |
Cantor Commercial Real Estate Lending | ||
3.01%, 01/15/53 | 460,000 | 406,765 |
CD Mortgage Trust | ||
2.91%, 08/15/57 | 839,000 | 743,466 |
Elfun Income Fund | 65 |
Principal Amount | Fair Value | |
Citigroup Commercial Mortgage Trust | ||
4.03%, 12/10/49 (b) | $336,823 | $304,135 |
COMM Mortgage Trust | ||
3.92%, 10/15/45 (f) | 183,798 | 159,760 |
GS Mortgage Securities Trust | ||
2.75%, 09/10/52 | 1,523,000 | 1,354,019 |
3.05%, 11/10/52 | 743,000 | 666,560 |
4.14%, 03/10/51 (b) | 291,000 | 270,269 |
4.56%, 11/10/48 (b) | 380,000 | 311,442 |
Impac CMB Trust 1 mo. Term SOFR + 0.83% | ||
6.18%, 10/25/34 (b) | 10,223 | 10,102 |
JPMBB Commercial Mortgage Securities Trust | ||
4.80%, 11/15/48 (b) | 250,000 | 139,389 |
MASTR Alternative Loan Trust | ||
5.00%, 08/25/18 (c) | 909 | 78 |
Morgan Stanley Bank of America Merrill Lynch Trust | ||
0.97%, 03/15/48 (b)(c) | 2,818,544 | 8,687 |
Wells Fargo Commercial Mortgage Trust | ||
1.28%, 02/15/48 (b)(c) | 1,938,349 | 7,679 |
4.32%, 08/15/50 | 386,662 | 342,585 |
8,297,596 | ||
Sovereign Bonds - 0.9% | ||
Chile Government International Bonds | ||
3.86%, 06/21/47 (a) | 200,000 | 154,994 |
Panama Government International Bonds | ||
3.16%, 01/23/30 (a) | 200,000 | 168,574 |
3.87%, 07/23/60 (a) | 200,000 | 113,837 |
Peru Government International Bonds | ||
1.86%, 12/01/32 (a) | 140,000 | 106,038 |
Principal Amount | Fair Value | |
2.78%, 12/01/60 (a) | $230,000 | $128,563 |
5.63%, 11/18/50 (a) | 105,000 | 102,174 |
Philippines Government International Bonds | ||
3.95%, 01/20/40 (a) | 200,000 | 169,563 |
Qatar Government International Bonds | ||
4.82%, 03/14/49 (a)(f) | 258,000 | 240,212 |
Uruguay Government International Bonds | ||
5.10%, 06/18/50 (a) | 105,744 | 99,528 |
1,283,483 | ||
Municipal Bonds and Notes - 0.1% | ||
State of California, CA | ||
4.60%, 04/01/38 | 200,000 | 188,465 |
Total Bonds and Notes (Cost $146,815,594) | 136,713,716 | |
Total Investments in Securities (Cost $146,815,594) | 136,713,716 | |
Number of Shares | ||
Short-Term Investments - 20.4% | ||
State Street Institutional U.S. Government Money Market Fund - Class G Shares 5.29% (a)(h)(i) (Cost $28,770,613) | 28,770,613 | 28,770,613 |
Total Investments (Cost $175,586,207) | 165,484,329 | |
Liabilities in Excess of Other Assets, net - (17.2)% | (24,249,693) | |
NET ASSETS - 100.0% | $141,234,636 |
Centrally Cleared Credit Default Swaps: |
Reference Entity | Counterparty | Notional Amount (000s omitted) | Contract Annual Fixed Rate/ Payment Frequency | Termination Date | Market Value | Unamortized Upfront Payments Received (Paid) | Unrealized Appreciation (Depreciation) |
Buy Protection | |||||||
Markit CDX North America High Yield Index | Intercontinental Exchange | $6,000 | 1.00%/ Quarterly | 06/20/29 | $(123,448) | $(130,587) | $7,139 |
66 | Elfun Income Fund |
The Fund had the following long futures contracts open at June 30, 2024: |
Description | Expiration Date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
Ultra Long-Term U.S. Treasury Bond Futures | September 2024 | 20 | $2,456,149 | $2,506,755 | $50,606 |
U.S. Long Bond Futures | September 2024 | 6 | 690,949 | 709,875 | 18,926 |
10 Yr. U.S. Treasury Ultra Futures | September 2024 | 184 | 20,659,241 | 20,889,750 | 230,509 |
5 Yr. U.S. Treasury Notes Futures | September 2024 | 72 | 7,609,637 | 7,673,625 | 63,988 |
$364,029 |
The Fund had the following short futures contracts open at June 30, 2024: |
Description | Expiration date | Number of Contracts | Notional Amount | Value | Unrealized Appreciation (Depreciation) |
2 Yr. U.S. Treasury Notes Futures | September 2024 | 22 | $(4,481,131) | $(4,492,813) | $(11,682) |
10 Yr. U.S. Treasury Notes Futures | September 2024 | 38 | (4,137,600) | (4,179,406) | (41,806) |
$(53,488) |
During the period ended June 30, 2024, average notional values related to derivative contracts were as follows: | |||
Long Futures Contracts | Short Futures Contracts | Credit Default Swap Contracts | |
Average Notional Value | $34,354,680 | $6,640,324 | $3,032,973 |
(a) | At June 30, 2024, all or a portion of this security was pledged to cover collateral requirements for futures contracts, swaps and/or TBAs. |
(b) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
(c) | Interest only security. These securities represent the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the "interest only" holding. |
(d) | Principal only security. These securities represent the right to receive the monthly principal payments on an underlying pool of mortgages. No payments of interest on the pool are passed through to the "principal only" holder. |
(e) | Step coupon bond. |
(f) | Pursuant to Rule 144A of the Securities Act of 1933, as amended, these securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2024, these securities amounted to $7,532,651 or 5.33% of the net assets of the Elfun Income Fund. These securities have been determined to be liquid using procedures established by the Fund's Board of Trustees. |
(g) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(h) | Sponsored by SSGA Funds Management, Inc., the Fund’s investment adviser and administrator, and an affiliate of State Street Bank & Trust Co., the Fund’s sub-administrator, custodian and accounting agent. |
(i) | Coupon amount represents effective yield. |
† | Percentages are based on net assets as of June 30, 2024. |
* | Less than 0.05%. |
Elfun Income Fund | 67 |
Abbreviations: |
CMT - Constant Maturity Treasury |
REIT - Real Estate Investment Trust |
REMICS - Real Estate Mortgage Investment Conduits |
RFUCCT - Refinitiv USD IBOR Consumer Cash Fallbacks Term |
SOFR - Secured Overnight Financing Rate |
STRIPS - Separate Trading of Registered Interest and Principal of Security |
TBA - To Be Announced |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $— | $41,304,930 | $— | $41,304,930 | |||
Agency Mortgage Backed | — | 40,397,885 | — | 40,397,885 | |||
Agency Collateralized Mortgage Obligations | — | 1,141,030 | — | 1,141,030 | |||
Asset Backed | — | 40,666 | — | 40,666 | |||
Corporate Notes | — | 44,059,661 | — | 44,059,661 | |||
Non-Agency Collateralized Mortgage Obligations | — | 8,297,596 | — | 8,297,596 | |||
Sovereign Bonds | — | 1,283,483 | — | 1,283,483 | |||
Municipal Bonds and Notes | — | 188,465 | — | 188,465 | |||
Short-Term Investments | 28,770,613 | — | — | 28,770,613 | |||
Total Investments in Securities | $28,770,613 | $136,713,716 | $— | $165,484,329 | |||
Other Financial Instruments | |||||||
Credit Default Swap Contracts - Unrealized Appreciation | $— | $7,139 | $— | $7,139 | |||
Long Futures Contracts - Unrealized Appreciation | 364,029 | — | — | 364,029 | |||
Short Futures Contracts - Unrealized Depreciation | (53,488) | — | — | (53,488) | |||
Total Other Financial Instruments | $310,541 | $7,139 | $— | $317,680 |
Affiliate Table |
Number of Shares Held at 12/31/23 | Value at 12/31/23 | Cost of Purchases | Proceeds from Shares Sold | Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Number of Shares Held at 6/30/24 | Value at 6/30/24 | Dividend Income | |
State Street Institutional U.S. Government Money Market Fund - Class G Shares | 20,710,832 | $20,710,832 | $36,599,110 | $28,539,329 | $— | $— | 28,770,613 | $28,770,613 | $645,023 |
68 | Elfun Income Fund |
Principal Amount | Fair Value | |
Short-Term Investments - 100.5% † | ||
U.S. Treasuries - 51.9% | ||
U.S. Treasury Bills | ||
5.12% 03/20/25 (a) | $70,000 | $67,553 |
5.15% 11/29/24 (a) | 90,000 | 88,175 |
5.18% 07/18/24 (a) | 2,000,000 | 1,995,296 |
5.23% 07/11/24 (a) | 150,000 | 149,790 |
5.24% 07/11/24 - 08/08/24 (a) | 1,400,000 | 1,395,689 |
5.25% 07/05/24 - 08/08/24 (a) | 2,200,000 | 2,192,573 |
5.27% 08/15/24 (a) | 1,050,000 | 1,043,357 |
5.31% 08/22/24 - 09/26/24 (a) | 4,300,000 | 4,258,981 |
5.33% 10/10/24 (a) | 1,500,000 | 1,478,453 |
5.34% 08/29/24 - 09/19/24 (a) | 3,500,000 | 3,466,083 |
5.35% 12/26/24 (a) | 1,960,000 | 1,910,179 |
5.36% 12/05/24 - 12/26/24 (a) | 2,680,000 | 2,615,685 |
5.37% 07/09/24 - 12/12/24 (a) | 12,366,000 | 12,247,944 |
5.38% 07/16/24 - 12/12/24 (a) | 9,120,000 | 8,962,767 |
5.38% 10/29/24 (a)(b) | 1,080,000 | 1,061,377 |
5.39% 07/02/24 - 10/22/24 (a) | 6,520,000 | 6,450,306 |
5.39% 10/29/24 (a)(b) | 920,000 | 904,125 |
5.40% 08/13/24 - 10/01/24 (a) | 7,600,000 | 7,523,804 |
5.41% 08/20/24 - 10/01/24 (a) | 3,900,000 | 3,864,077 |
5.42% 08/08/24 (a) | 80,000 | 79,571 |
5.43% 08/08/24 (a) | 1,400,000 | 1,392,489 |
5.47% 09/05/24 (a) | 800,000 | 792,495 |
5.48% 07/11/24 - 10/31/24 (a) | 700,000 | 691,035 |
5.49% 07/11/24 (a) | 600,000 | 599,145 |
5.54% 10/03/24 (a) | 800,000 | 789,179 |
5.57% 10/03/24 (a) | 900,000 | 887,771 |
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.04% | ||
5.34% 07/31/24 (c) | 3,300,000 | 3,299,996 |
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.14% | ||
5.45% 10/31/24 (c) | 15,000 | 14,999 |
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.15% | ||
5.46% 04/30/26 (c) | 1,100,000 | 1,099,974 |
Principal Amount | Fair Value | |
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.17% | ||
5.48% 10/31/25 (c) | $430,000 | $429,547 |
U.S. Treasury Floating Rate Notes 3 mo. Treasury money market yield + 0.25% | ||
5.55% 01/31/26 (c) | 594,000 | 594,062 |
U.S. Treasury Notes | ||
2.13% 05/15/25 | 240,000 | 233,746 |
2.75% 05/15/25 | 280,000 | 274,183 |
2.88% 04/30/25 | 140,000 | 137,346 |
3.88% 04/30/25 | 220,000 | 217,593 |
73,209,345 | ||
U.S. Government Agency Obligations - 12.4% | ||
Federal Farm Credit Banks Funding Corp. SOFR + 0.08% | ||
5.42% 08/14/24 - 09/27/24 (c) | 500,000 | 500,000 |
Federal Farm Credit Banks Funding Corp. SOFR + 0.09% | ||
5.43% 07/03/24 (c) | 200,000 | 200,000 |
5.43% 09/16/24 (c) | 60,000 | 60,000 |
Federal Farm Credit Banks Funding Corp. SOFR + 0.10% | ||
5.44% 10/11/24 - 04/01/26 (c) | 2,000,000 | 2,000,000 |
Federal Farm Credit Banks Funding Corp. SOFR + 0.11% | ||
5.45% 11/15/24 (c) | 150,000 | 150,000 |
5.45% 11/22/24 (c) | 100,000 | 100,000 |
Federal Farm Credit Banks Funding Corp. SOFR + 0.12% | ||
5.46% 12/03/24 (c) | 200,000 | 200,000 |
5.46% 01/27/26 (c) | 385,000 | 385,000 |
Federal Farm Credit Banks Funding Corp. SOFR + 0.14% | ||
5.48% 03/04/26 (c) | 200,000 | 200,058 |
Federal Farm Credit Discount Notes | ||
5.33% 01/13/25 (a) | 40,000 | 38,889 |
Federal Home Loan Bank Discount Notes | ||
4.95% 02/03/25 (a) | 500,000 | 485,986 |
5.07% 02/10/25 (a) | 500,000 | 485,191 |
5.20% 11/29/24 (a) | 620,000 | 607,006 |
5.32% 01/13/25 (a) | 100,000 | 97,223 |
5.39% 09/06/24 (a) | 1,000,000 | 990,229 |
Elfun Government Money Market Fund | 69 |
Principal Amount | Fair Value | |
5.50% 08/01/24 (a) | $700,000 | $696,890 |
5.56% 09/25/24 (a) | 1,000,000 | 987,590 |
Federal Home Loan Banks | ||
0.50% 04/14/25 | 240,000 | 231,348 |
5.11% 01/10/25 | 900,000 | 900,000 |
5.31% 05/12/25 | 600,000 | 600,000 |
Federal Home Loan Banks SOFR + 0.03% | ||
5.37% 10/21/24 (c) | 300,000 | 300,000 |
Federal Home Loan Banks SOFR + 0.04% | ||
5.38% 03/14/25 (c) | 1,000,000 | 1,000,000 |
Federal Home Loan Banks SOFR + 0.07% | ||
5.41% 07/05/24 (c) | 500,000 | 500,000 |
Federal Home Loan Banks SOFR + 0.08% | ||
5.42% 08/16/24 (c) | 800,000 | 800,000 |
Federal Home Loan Banks SOFR + 0.09% | ||
5.43% 08/15/25 (c) | 430,000 | 430,000 |
Federal Home Loan Banks SOFR + 0.11% | ||
5.45% 11/21/24 - 12/19/24 (c) | 1,800,000 | 1,800,000 |
Federal Home Loan Banks SOFR + 0.12% | ||
5.46% 11/01/24 (c) | 800,000 | 800,000 |
Federal Home Loan Banks SOFR + 0.13% | ||
5.47% 01/27/25 - 02/13/26 (c) | 1,250,000 | 1,250,000 |
Federal Home Loan Banks SOFR + 0.16% | ||
5.50% 07/14/25 (c) | 645,000 | 645,614 |
Federal National Mortgage Association | ||
0.63% 04/22/25 | 100,000 | 96,396 |
17,537,420 | ||
Repurchase Agreements - 36.2% | ||
BNP Paribas Securities Corp. U.S. Treasury Repo 5.33% dated 06/28/24, to be repurchased $10,000,000 on 07/01/2024, Collateralized by $10,032,472 U.S Government Obligation, 2.500% to 6.500% Maturing from 01/01/2048 - 06/20/2064, Collateralized by $167,602 U.S. Treasury Bill, 0.000% Maturing on 07/05/2024 07/01/24 | 10,000,000 | 10,000,000 |
Principal Amount | Fair Value | |
Citigroup Global Markets, Inc. U.S. Treasury Repo 5.34% dated 06/28/24, to be repurchased $5,000,000 on 07/01/2024, Collateralized by $5,100,437, U.S Government Obligation, 3.000% to 4.500% Maturing from 07/15/2047 - 08/15/2047 07/01/24 | $5,000,000 | $5,000,000 |
Goldman Sachs & Co. U.S. Treasury Repo 5.33% dated 06/28/24, to be repurchased $10,000,000 on 07/01/2024, Collateralized by $10,200,000 U.S. Government Obligation, 3.000% to 7.000% Maturing from 02/15/2039 - 05/20/2054 07/01/24 | 10,000,000 | 10,000,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.32%,dated 06/28/2024, to be repurchased $2,111,000 on 07/01/2024, Collateralized by $2,153,220, U.S Treasury Strips 0.000%, Maturing from 01/31/2025 - 02/15/2029 07/01/24 | 2,111,000 | 2,111,000 |
Merrill Lynch, Pierce, Fenner & Smith, Inc. U.S. Treasury Repo 5.33% dated 06/28/24, to be repurchased $5,000,000 on 07/01/2024, Collateralized by $5,100,001, U.S. Government Obligation, 2.000% to 7.500% Maturing from 07/01/2026 - 02/20/2054 07/01/24 | 5,000,000 | 5,000,000 |
70 | Elfun Government Money Market Fund |
Principal Amount | Fair Value | |
Mitsubishi UFJ U.S. Treasury Repo 5.33% dated 06/28/24, to be repurchased $10,000,000 on 07/01/2024, Collateralized by $9,370,597 U.S. Government Obligation, 2.000% to 6.500% Maturity from 08/26/2024 - 05/01/2054, Collateralized by $148,712 U.S. Treasury Bonds 1.875% to 4.000% Maturity from 02/15/2041 - 05/15/2051, Collateralized by $1,032 U.S. Treasury Inflation Index Note, 0.375% Maturing on 07/15/2025, Collateralized by $679,659 U.S. Treasury Notes, 1.125% to 1.250% Maturing from 06/30/2028 - 08/31/2028 07/01/24 | $10,000,000 | $10,000,000 |
Standard Chartered U.S. Treasury Repo 5.31% dated 06/28/24, to be repurchased $9,000,000 on 07/01/2024, Collateralized by $9,180,059 U.S. Treasury Notes, 0.375% to 0.625%, Maturing from 01/31/2026 - 12/31/2027 07/01/24 | 9,000,000 | 9,000,000 |
51,111,000 | ||
Total Short-Term Investments (Cost $141,857,765) | 141,857,765 | |
Liabilities in Excess of Other Assets, net - (0.5)% | (707,000) | |
NET ASSETS - 100.0% | $141,150,765 |
(a) | Coupon amount represents effective yield. |
(b) | Settlement is on a delayed delivery or when-issued basis with final maturity to be announced ("TBA") in the future. |
(c) | Variable Rate Security - Interest rate shown is rate in effect at June 30, 2024. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. |
† | Percentages are based on net assets as of June 30, 2024. |
Abbreviations: |
SOFR - Secured Overnight Financing Rate |
Investments | Level 1 | Level 2 | Level 3 | Total | |||
Investments in Securities | |||||||
U.S. Treasuries | $— | $73,209,345 | $— | $73,209,345 | |||
U.S. Government Agency Obligations | — | 17,537,420 | — | 17,537,420 | |||
Repurchase Agreements | — | 51,111,000 | — | 51,111,000 | |||
Total Investments in Securities | $— | $141,857,765 | $— | $141,857,765 |
Elfun Government Money Market Fund | 71 |
6/30/24(a) | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
Inception date | 1/1/88 | ||||||||||
Net asset value, beginning of period | $24.75 | $20.97 | $26.73 | $26.53 | $23.69 | $18.51 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.36 | 0.46 | 0.56 | 0.83 | 0.29 | 0.43 | |||||
Net realized and unrealized gains/(losses) on investments | 1.21 | 3.80 | (4.86) | 1.57 | 2.86 | 5.15 | |||||
Total income/(loss) from investment operations | 1.57 | 4.26 | (4.30) | 2.40 | 3.15 | 5.58 | |||||
Less distributions from: | |||||||||||
Net investment income | — | (0.48) | (0.55) | (0.86) | (0.31) | (0.40) | |||||
Net realized gains | — | — | (0.91) | (1.34) | — | — | |||||
Total distributions | — | (0.48) | (1.46) | (2.20) | (0.31) | (0.40) | |||||
Net asset value, end of period | $26.32 | $24.75 | $20.97 | $26.73 | $26.53 | $23.69 | |||||
Total Return(c) | 6.34% | 20.35% | (16.11)% | 9.05% | 13.31% | 30.14% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $179,665 | $173,754 | $153,897 | $204,799 | $201,200 | $199,123 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.39%(d) | 0.44% | 0.44% | 0.37% | 0.40% | 0.38% | |||||
Gross expenses | 0.39%(d) | 0.44% | 0.44% | 0.37% | 0.40% | 0.38% | |||||
Net investment income | 2.88%(d) | 1.99% | 2.46% | 2.93% | 1.31% | 2.02% | |||||
Portfolio turnover rate | 7% | 9% | 16% | 17% | 20% | 15% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
72 | Financial Highlights |
6/30/24(a) | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
Inception date | 5/27/35 | ||||||||||
Net asset value, beginning of period | $76.56 | $58.58 | $79.73 | $71.55 | $62.16 | $50.14 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.42 | 0.80 | 0.72 | 0.72 | 0.64 | 0.71 | |||||
Net realized and unrealized gains/(losses) on investments | 14.59 | 19.40 | (16.59) | 16.72 | 14.90 | 17.15 | |||||
Total income/(loss) from investment operations | 15.01 | 20.20 | (15.87) | 17.44 | 15.54 | 17.86 | |||||
Less distributions from: | |||||||||||
Net investment income | — | (0.82) | (0.75) | (0.74) | (0.69) | (0.67) | |||||
Net realized gains | — | (1.40) | (4.53) | (8.52) | (5.46) | (5.17) | |||||
Total distributions | — | (2.22) | (5.28) | (9.26) | (6.15) | (5.84) | |||||
Net asset value, end of period | $91.57 | $76.56 | $58.58 | $79.73 | $71.55 | $62.16 | |||||
Total Return(c) | 19.61% | 34.49% | (19.87)% | 24.28% | 25.07% | 35.57% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $4,205,598 | $3,636,415 | $2,912,901 | $3,965,156 | $3,419,765 | $2,979,222 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.17%(d) | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | |||||
Gross expenses | 0.17%(d) | 0.18% | 0.18% | 0.18% | 0.18% | 0.18% | |||||
Net investment income | 0.99%(d) | 1.18% | 1.03% | 0.89% | 0.99% | 1.20% | |||||
Portfolio turnover rate | 19% | 22% | 29% | 26% | 25% | 17% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
Financial Highlights | 73 |
6/30/24(a) | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
Inception date | 1/1/88 | ||||||||||
Net asset value, beginning of period | $19.27 | $17.02 | $21.68 | $20.97 | $19.54 | $17.02 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.18 | 0.45 | 0.35 | 0.34 | 0.37 | 0.41 | |||||
Net realized and unrealized gains/(losses) on investments | 1.22 | 2.29 | (3.67) | 2.08 | 2.02 | 2.93 | |||||
Total income/(loss) from investment operations | 1.40 | 2.74 | (3.32) | 2.42 | 2.39 | 3.34 | |||||
Less distributions from: | |||||||||||
Net investment income | — | (0.41) | (0.42) | (0.42) | (0.38) | (0.42) | |||||
Net realized gains | — | (0.08) | (0.92) | (1.29) | (0.58) | (0.40) | |||||
Total distributions | — | (0.49) | (1.34) | (1.71) | (0.96) | (0.82) | |||||
Net asset value, end of period | $20.67 | $19.27 | $17.02 | $21.68 | $20.97 | $19.54 | |||||
Total Return(c) | 7.27% | 16.13% | (15.31)% | 11.56% | 12.23% | 19.58% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $179,784 | $176,538 | $166,006 | $211,716 | $205,144 | $199,011 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.32%(d) | 0.32% | 0.33% | 0.30% | 0.31% | 0.30% | |||||
Gross expenses | 0.34%(d) | 0.34% | 0.34% | 0.30% | 0.31% | 0.30% | |||||
Net investment income | 1.79%(d) | 2.47% | 1.83% | 1.53% | 1.88% | 2.20% | |||||
Portfolio turnover rate | 16%(e) | 45%(e) | 49%(e) | 41%(e) | 56%(e) | 162% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
(e) | The portfolio turnover calculated for the period ended 6/30/24 and fiscal years ended 12/31/23, 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 51%, 125%, 116%, 90% and 136%, respectively. |
74 | Financial Highlights |
6/30/24(a) | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | |||||||
Inception date | 1/1/80 | |||||||||||
Net asset value, beginning of period | $10.26 | $10.13 | $11.47 | $11.67 | $11.54 | $11.19 | ||||||
Income/(loss) from investment operations: | ||||||||||||
Net investment income(b) | 0.18 | 0.34 | 0.31 | 0.31 | 0.37 | 0.38 | ||||||
Net realized and unrealized gains/(losses) on investments | (0.20) | 0.18 | (1.28) | (0.14) | 0.17 | 0.41 | ||||||
Total income/(loss) from investment operations | (0.02) | 0.52 | (0.97) | 0.17 | 0.54 | 0.79 | ||||||
Contribution from affiliate (Note 5) | — | 0.00(c) | — | — | — | — | ||||||
Less distributions from: | ||||||||||||
Net investment income | (0.20) | (0.39) | (0.37) | (0.37) | (0.41) | (0.44) | ||||||
Total distributions | (0.20) | (0.39) | (0.37) | (0.37) | (0.41) | (0.44) | ||||||
Net asset value, end of period | $10.04 | $10.26 | $10.13 | $11.47 | $11.67 | $11.54 | ||||||
Total Return(d) | (0.20)% | 5.31% | (8.44)% | 1.44% | 4.77% | 7.13% | ||||||
Ratios/Supplemental Data: | ||||||||||||
Net assets, end of period (in thousands) | $966,701 | $1,009,908 | $1,047,236 | $1,250,501 | $1,341,617 | $1,377,821 | ||||||
Ratios to average net assets: | ||||||||||||
Gross expenses | 0.21%(e) | 0.21% | 0.21% | 0.21% | 0.21% | 0.20% | ||||||
Net investment income | 3.62%(e) | 3.37% | 2.96% | 2.65% | 3.24% | 3.35% | ||||||
Portfolio turnover rate | 25% | 79% | 43% | 42% | 41% | 25% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Rounds to less than $0.005. |
(d) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(e) | Annualized for periods less than one year. |
Financial Highlights | 75 |
6/30/24(a) | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
Inception date | 12/31/84 | ||||||||||
Net asset value, beginning of period | $9.85 | $9.68 | $11.67 | $12.25 | $11.74 | $11.02 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.19 | 0.34 | 0.25 | 0.24 | 0.29 | 0.32 | |||||
Net realized and unrealized gains/(losses) on investments | (0.31) | 0.19 | (1.80) | (0.38) | 0.63 | 0.73 | |||||
Total income/(loss) from investment operations | (0.12) | 0.53 | (1.55) | (0.14) | 0.92 | 1.05 | |||||
Less distributions from: | |||||||||||
Net investment income | (0.19) | (0.36) | (0.27) | (0.27) | (0.34) | (0.33) | |||||
Net realized gains | — | — | (0.17) | (0.17) | (0.07) | — | |||||
Total distributions | (0.19) | (0.36) | (0.44) | (0.44) | (0.41) | (0.33) | |||||
Net asset value, end of period | $9.54 | $9.85 | $9.68 | $11.67 | $12.25 | $11.74 | |||||
Total Return(c) | (1.18)% | 5.78% | (13.47)% | (1.19)% | 8.03% | 9.50% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $141,235 | $146,043 | $160,286 | $218,824 | $244,329 | $233,663 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.35%(d) | 0.33% | 0.32% | 0.29% | 0.27% | 0.29% | |||||
Gross expenses | 0.36%(d) | 0.34% | 0.32% | 0.29% | 0.27% | 0.29% | |||||
Net investment income | 3.98%(d) | 3.51% | 2.41% | 2.03% | 2.44% | 2.77% | |||||
Portfolio turnover rate | 28%(e) | 53%(e) | 40%(e) | 71%(e) | 108%(e) | 107% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and do not include the effect of insurance contract charges. Past performance does not guarantee future results. |
(d) | Annualized for periods less than one year. |
(e) | The portfolio turnover calculated for the period ended 6/30/24 and fiscal years ended 12/31/23, 12/31/22, 12/31/21 and 12/31/20 did not include To-Be-Announced transactions and, if it had, the portfolio turnover would have been 122%, 268%,187%, 184% and 255%, respectively. |
76 | Financial Highlights |
6/30/24(a) | 12/31/23 | 12/31/22 | 12/31/21 | 12/31/20 | 12/31/19 | ||||||
Inception date | 6/13/90 | ||||||||||
Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |||||
Income/(loss) from investment operations: | |||||||||||
Net investment income(b) | 0.03 | 0.05 | 0.01 | — | 0.00(c) | 0.02 | |||||
Total income from investment operations | 0.03 | 0.05 | 0.01 | — | 0.00(c) | 0.02 | |||||
Less distributions from: | |||||||||||
Net investment income | (0.03) | (0.05) | (0.01) | — | (0.00)(c) | (0.02) | |||||
Total distributions | (0.03) | (0.05) | (0.01) | — | (0.00)(c) | (0.02) | |||||
Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | |||||
Total Return(d) | 2.57% | 4.89% | 1.45% | —% | 0.32% | 1.99% | |||||
Ratios/Supplemental Data: | |||||||||||
Net assets, end of period (in thousands) | $141,151 | $147,062 | $159,127 | $142,430 | $153,251 | $128,561 | |||||
Ratios to average net assets: | |||||||||||
Net expenses | 0.28%(e) | 0.26% | 0.24% | 0.09% | 0.19% | 0.26% | |||||
Gross expenses | 0.28%(e) | 0.26% | 0.27% | 0.26% | 0.25% | 0.26% | |||||
Net investment income | 5.08%(e) | 4.77% | 1.50% | —% | 0.30% | 1.96% |
Notes to Financial Highlights | |
(a) | Unaudited. |
(b) | Per share values have been calculated using the average shares method. |
(c) | Rounds to less than $0.005. |
(d) | Total returns are historical and assume changes in share price, reinvestment of dividends and capital gains distributions and assume no sales charge. Past performance does not guarantee future results. |
(e) | Annualized for periods less than one year. |
Financial Highlights | 77 |
Elfun International Equity Fund | Elfun Trusts | ||
Assets | |||
Investments in unaffiliated securities, at fair value (cost $118,337,202; $1,788,872,141; $103,292,688; $946,632,051; $146,815,594 and $0, respectively) | $174,291,385 | $4,169,909,391 | |
Short-term investments, at fair value (cost $0; $0; $0; $0; $0 and $90,746,765, respectively) | — | — | |
Investments in affiliated securities, at fair value (cost $4,888,981; $34,499,312; $49,560,236; $9,075,649; $28,770,613 and $0, respectively) | 4,888,981 | 34,499,312 | |
Repurchase agreements | — | — | |
Cash | — | — | |
Net cash collateral on deposit with broker for future contracts | 16,145 | — | |
Net cash collateral on deposit with broker for swap contracts | — | — | |
Foreign currency (cost $82,112, $0, $32,020, $0, $0 and $0, respectively) | 81,988 | — | |
Receivable for investments sold | — | — | |
Income receivables | 578,151 | 2,166,736 | |
Receivable for fund shares sold | 408 | 146,916 | |
Income receivable from affiliated investments | 17,387 | — | |
Receivable for accumulated variation margin on swap contracts | — | — | |
Receivable for accumulated variation margin on futures contracts | 1,065 | — | |
Total assets | 179,875,510 | 4,206,722,355 | |
Liabilities | |||
Distribution payable to shareholders | — | — | |
Net cash collateral on futures contracts due to broker | — | — | |
Payable for investments purchased | — | — | |
Payable for fund shares redeemed | 29,791 | 317,096 | |
Payable for accumulated variation margin on swap contracts | — | — | |
Payable to the Adviser | 25,696 | 463,073 | |
Payable for custody, fund accounting and sub-administration fees | 14,930 | 125,792 | |
Accrued other expenses | 139,809 | 218,639 | |
Total liabilities | 210,226 | 1,124,600 | |
Net Assets | $179,665,284 | $4,205,597,755 | |
Net Assets Consist of: | |||
Capital paid in | $118,225,467 | $1,495,983,017 | |
Total distributable earnings (loss) | 61,439,817 | 2,709,614,738 | |
Net Assets | $179,665,284 | $4,205,597,755 | |
Shares outstanding (Par value $10; $10; $10; $10; $10; and $1, respectively; unlimited shares authorized) | 6,827,147 | 45,925,625 | |
Net asset value, offering and redemption price per share | $26.32 | $91.57 |
78 | Statements of Assets and Liabilities |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$132,106,461 | $952,369,982 | $136,713,716 | $— | |||
— | — | — | 90,746,765 | |||
56,734,481 | 9,075,649 | 28,770,613 | — | |||
— | — | — | 51,111,000 | |||
1,451,184 | — | — | 147 | |||
— | — | — | — | |||
46,933 | — | 104,691 | — | |||
34,815 | — | — | — | |||
135,145 | — | 11,643 | — | |||
454,556 | 12,338,533 | 1,063,026 | — | |||
353 | 17,030 | 7,847 | 1,263,736 | |||
62,274 | 61,597 | 115,496 | 197,723 | |||
(46,979) | — | — | — | |||
114,062 | — | 311,310 | — | |||
191,093,285 | 973,862,791 | 167,098,342 | 143,319,371 | |||
— | 849,117 | 106,550 | 36,053 | |||
137,243 | — | 415,779 | — | |||
10,960,073 | 5,802,126 | 25,117,787 | 1,965,502 | |||
99,358 | 225,974 | 1,131 | 80,202 | |||
— | — | 125,268 | — | |||
23,262 | 126,639 | 18,842 | 10,839 | |||
16,243 | 32,982 | 7,516 | 18,381 | |||
72,798 | 125,029 | 70,833 | 57,629 | |||
11,308,977 | 7,161,867 | 25,863,706 | 2,168,606 | |||
$179,784,308 | $966,700,924 | $141,234,636 | $141,150,765 | |||
$142,410,783 | $1,081,626,724 | $174,604,743 | $141,150,805 | |||
37,373,525 | (114,925,800) | (33,370,107) | (40) | |||
$179,784,308 | $966,700,924 | $141,234,636 | $141,150,765 | |||
8,698,202 | 96,273,961 | 14,807,238 | 141,150,785 | |||
$20.67 | $10.04 | $9.54 | $1.00 |
Statements of Assets and Liabilities | 79 |
Elfun International Equity Fund | Elfun Trusts | ||
Investment Income | |||
Income | |||
Dividend | $3,004,427 | $21,223,500 | |
Interest | — | — | |
Income from affiliated investments | 76,624 | 1,667,617 | |
Less: Foreign taxes withheld | (218,462) | (29,112) | |
Total income | 2,862,589 | 22,862,005 | |
Expenses | |||
Advisory and administration fees | 183,990 | 2,754,939 | |
Blue Sky fees | 21,991 | 28,351 | |
Transfer agent fees | 58,201 | 269,819 | |
Trustees' fees | 11,111 | 22,003 | |
Custody, fund accounting and sub-administration fees | 31,120 | 256,120 | |
Professional fees | 17,932 | 23,646 | |
Printing and shareholder reports | 4,186 | 34,942 | |
Registration fees | — | 2,062 | |
Other expenses | 13,792 | 31,139 | |
Total expenses before waivers | 342,323 | 3,423,021 | |
Fees waived and/or reimbursed by the adviser | — | — | |
Net expenses | 342,323 | 3,423,021 | |
Net investment income (loss) | $2,520,266 | $19,438,984 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Realized gain (loss) on: | |||
Unaffiliated investments | $5,202,096 | $281,493,811 | |
Affiliated investments | — | — | |
Futures | 23,132 | — | |
Swap contracts | — | — | |
Foreign currency transactions | (17,009) | — | |
Increase (decrease) in unrealized appreciation/depreciation on: | |||
Unaffiliated investments | 3,144,213 | 401,080,940 | |
Affiliated investments | — | — | |
Futures | (19,952) | — | |
Swap contracts | — | — | |
Foreign currency translations | (29,044) | — | |
Net realized and unrealized gain (loss) on investments | 8,303,436 | 682,574,751 | |
Net Increase (Decrease) in Net Assets Resulting from Operations | $10,823,702 | $702,013,735 |
80 | Statements of Operations |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | Elfun Income Fund | Elfun Government Money Market Fund | |||
$596,753 | $— | $18,525 | $4,727 | |||
922,583 | 18,355,374 | 2,442,414 | 3,832,522 | |||
340,347 | 336,348 | 645,023 | — | |||
(138) | — | — | — | |||
1,859,545 | 18,691,722 | 3,105,962 | 3,837,249 | |||
149,949 | 780,683 | 122,038 | 71,257 | |||
21,164 | 26,822 | 21,460 | 28,293 | |||
49,332 | 108,030 | 53,390 | 38,405 | |||
11,131 | 13,714 | 11,041 | 10,906 | |||
37,563 | 73,837 | 27,031 | 34,939 | |||
22,258 | 18,814 | 18,610 | 12,500 | |||
2,037 | 9,932 | 2,153 | 494 | |||
— | 614 | — | — | |||
4,118 | 9,966 | 4,062 | 1,258 | |||
297,552 | 1,042,412 | 259,785 | 198,052 | |||
(12,525) | — | (8,380) | — | |||
285,027 | 1,042,412 | 251,405 | 198,052 | |||
$1,574,518 | $17,649,310 | $2,854,557 | $3,639,197 | |||
$2,104,633 | $(1,659,481) | $(1,461,130) | $(387) | |||
521,303 | — | — | — | |||
(20,230) | — | (196,153) | — | |||
72,409 | — | 202,125 | — | |||
— | — | — | — | |||
7,051,261 | (17,973,918) | (1,875,733) | — | |||
1,600,698 | — | — | — | |||
(374,816) | — | (1,078,450) | — | |||
(69,425) | — | (194,952) | — | |||
(2,355) | — | — | — | |||
10,883,478 | (19,633,399) | (4,604,293) | (387) | |||
$12,457,996 | $(1,984,089) | $(1,749,736) | $3,638,810 |
Statements of Operations | 81 |
Elfun International Equity Fund | Elfun Trusts | ||||||
Six Months Ended June 30, 2024(a) | Year Ended December 31, 2023 | Six Months Ended June 30, 2024(a) | Year Ended December 31, 2023 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income (loss) | $2,520,266 | $3,280,655 | $19,438,984 | $38,520,323 | |||
Net realized gain (loss) on investments, futures, swap contracts and foreign currency transactions | 5,208,219 | 694,246 | 281,493,811 | 66,873,485 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures, swap contracts and foreign currency translations | 3,095,217 | 26,402,462 | 401,080,940 | 864,081,688 | |||
Net increase (decrease) from operations | 10,823,702 | 30,377,363 | 702,013,735 | 969,475,496 | |||
Distributions to shareholders: | |||||||
Total distributions | — | (3,335,403) | — | (103,313,728) | |||
Increase (decrease) in assets from operations and distributions | 10,823,702 | 27,041,960 | 702,013,735 | 866,161,768 | |||
Share transactions: | |||||||
Proceeds from sale of shares | 417,928 | 1,123,363 | 23,086,635 | 29,812,242 | |||
Value of distributions reinvested | — | 2,845,714 | — | 83,869,293 | |||
Cost of shares redeemed | (5,330,380) | (11,153,754) | (155,917,208) | (256,330,188) | |||
Net increase (decrease) from share transactions | (4,912,452) | (7,184,677) | (132,830,573) | (142,648,653) | |||
Contribution from affiliate (Note 5) | — | — | — | — | |||
Total increase (decrease) in net assets | 5,911,250 | 19,857,283 | 569,183,162 | 723,513,115 | |||
Net Assets | |||||||
Beginning of period | 173,754,034 | 153,896,751 | 3,636,414,593 | 2,912,901,478 | |||
End of period | $179,665,284 | $173,754,034 | $4,205,597,755 | $3,636,414,593 | |||
Changes in Fund Shares | |||||||
Shares sold | 16,523 | 48,534 | 272,008 | 431,748 | |||
Issued for distributions reinvested | — | 116,342 | — | 1,095,731 | |||
Shares redeemed | (210,679) | (481,778) | (1,843,462) | (3,752,164) | |||
Net increase (decrease) in fund shares | (194,156) | (316,902) | (1,571,454) | (2,224,685) |
(a) | Unaudited. |
82 | Statements of Changes in Net Assets |
Elfun Diversified Fund | Elfun Tax-Exempt Income Fund | |||||
Six Months Ended June 30, 2024(a) | Year Ended December 31, 2023 | Six Months Ended June 30, 2024(a) | Year Ended December 31, 2023 | |||
$1,574,518 | $4,263,218 | $17,649,310 | $34,460,274 | |||
2,678,115 | (16,623) | (1,659,481) | (22,004,512) | |||
8,205,363 | 21,358,866 | (17,973,918) | 39,230,213 | |||
12,457,996 | 25,605,461 | (1,984,089) | 51,685,975 | |||
— | (4,450,469) | (19,303,102) | (39,868,126) | |||
12,457,996 | 21,154,992 | (21,287,191) | 11,817,849 | |||
1,770,755 | 3,675,600 | 9,264,823 | 17,516,652 | |||
— | 3,924,811 | 13,949,756 | 28,676,526 | |||
(10,982,564) | (18,223,226) | (45,134,055) | (95,357,812) | |||
(9,211,809) | (10,622,815) | (21,919,476) | (49,164,634) | |||
— | — | — | 17,942 | |||
3,246,187 | 10,532,177 | (43,206,667) | (37,328,843) | |||
176,538,121 | 166,005,944 | 1,009,907,591 | 1,047,236,434 | |||
$179,784,308 | $176,538,121 | $966,700,924 | $1,009,907,591 | |||
88,769 | 200,733 | 917,237 | 1,723,651 | |||
— | 204,524 | 1,383,983 | 2,844,784 | |||
(552,998) | (993,874) | (4,456,488) | (9,471,668) | |||
(464,229) | (588,617) | (2,155,268) | (4,903,233) |
Statements of Changes in Net Assets | 83 |
Elfun Income Fund | Elfun Government Money Market Fund | ||||||
Six Months Ended June 30, 2024(a) | Year Ended December 31, 2023 | Six Months Ended June 30, 2024(a) | Year Ended December 31, 2023 | ||||
Increase (Decrease) in Net Assets | |||||||
Operations: | |||||||
Net investment income (loss) | $2,854,557 | $5,332,780 | $3,639,197 | $7,151,168 | |||
Net realized gain (loss) on investments, futures and swap contracts | (1,455,158) | (8,327,799) | (387) | 28 | |||
Net increase (decrease) in unrealized appreciation/depreciation on investments, futures and swap contracts | (3,149,135) | 11,185,860 | — | — | |||
Net increase (decrease) from operations | (1,749,736) | 8,190,841 | 3,638,810 | 7,151,196 | |||
Distributions to shareholders: | |||||||
Total distributions | (2,903,572) | (5,736,339) | (3,638,882) | (7,151,430) | |||
Increase (decrease) in assets from operations and distributions | (4,653,308) | 2,454,502 | (72) | (234) | |||
Share transactions: | |||||||
Proceeds from sale of shares | 8,855,316 | 3,850,491 | 20,142,086 | 49,228,579 | |||
Value of distributions reinvested | 2,337,940 | 4,551,271 | 3,472,231 | 6,813,329 | |||
Cost of shares redeemed | (11,348,415) | (25,099,421) | (29,525,062) | (68,107,558) | |||
Net increase (decrease) from share transactions | (155,159) | (16,697,659) | (5,910,745) | (12,065,650) | |||
Total increase (decrease) in net assets | (4,808,467) | (14,243,157) | (5,910,817) | (12,065,884) | |||
Net Assets | |||||||
Beginning of period | 146,043,103 | 160,286,260 | 147,061,582 | 159,127,466 | |||
End of period | $141,234,636 | $146,043,103 | $141,150,765 | $147,061,582 | |||
Changes in Fund Shares | |||||||
Shares sold | 916,005 | 402,137 | 20,142,086 | 49,228,578 | |||
Issued for distributions reinvested | 244,792 | 472,181 | 3,472,231 | 6,813,329 | |||
Shares redeemed | (1,183,527) | (2,610,193) | (29,525,062) | (68,107,558) | |||
Net increase (decrease) in fund shares | (22,730) | (1,735,875) | (5,910,745) | (12,065,651) |
(a) | Unaudited. |
84 | Statements of Changes in Net Assets |
• | Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value. |
• | Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit. |
• | Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income. |
• | Debt obligations (including short term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices. |
Notes to Financial Statements | 85 |
• | Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value. |
• | Options on futures are priced at their last sale price on the principal market on which they are traded on the valuation date. If there were no sales on that day, options on futures are valued at either the last reported sale or official closing price on their primary exchange determined in accordance with the valuation policy and procedures approved by the Board. |
• | Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third-party valuation the agreements will be fair valued. |
• | Level 1 — Unadjusted quoted prices in active markets for an identical asset or liability; |
• | Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and |
• | Level 3 — Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments. |
86 | Notes to Financial Statements |
Notes to Financial Statements | 87 |
88 | Notes to Financial Statements |
Fund | Strategies |
Elfun International Equity Fund | Equitization of Cash |
Elfun Diversified Fund | Management of Interest Rate Risk and Equitization of Cash |
Elfun Income Fund | Management of Interest Rate Risk |
Notes to Financial Statements | 89 |
Asset Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $— | $— | $— | $1,065 | $— | $1,065 |
Elfun Diversified Fund | ||||||
Futures Contracts | $111,551 | $— | $— | $2,511 | $— | $114,062 |
Swap Contracts | — | — | (46,979) | — | — | (46,979) |
Elfun Income Fund | ||||||
Futures Contracts | $364,797 | $— | $— | $— | $— | $364,797 |
Swap Contracts | — | — | 6,000,000 | — | — | 6,000,000 |
Liability Derivatives | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun Income Fund | ||||||
Futures Contracts | $53,487 | $— | $— | $— | $— | $53,487 |
Swap Contracts | — | — | 6,125,268 | — | — | 6,125,268 |
Realized Gain (Loss) | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $— | $— | $— | $23,132 | $— | $23,132 |
Elfun Diversified Fund | ||||||
Futures Contracts | $(93,031) | $— | $— | $72,801 | $— | $(20,230) |
Swap Contracts | — | — | 72,409 | — | — | 72,409 |
Elfun Income Fund | ||||||
Futures Contracts | $(196,153) | $— | $— | $— | $— | $(196,153) |
Swap Contracts | — | — | 202,125 | — | — | 202,125 |
Net Change in Unrealized Appreciation/Depreciation | ||||||
Interest Rate Risk | Foreign Exchange Risk | Credit Risk | Equity Risk | Commodity Risk | Total | |
Elfun International Equity Fund | ||||||
Futures Contracts | $— | $— | $— | $(19,952) | $— | $(19,952) |
Elfun Diversified Fund | ||||||
Futures Contracts | $(359,475) | $— | $— | $(15,341) | $— | $(374,816) |
Swap Contracts | — | — | (69,425) | — | — | (69,425) |
Elfun Income Fund | ||||||
Futures Contracts | $(1,078,450) | $— | $— | $— | $— | $(1,078,450) |
Swap Contracts | — | — | (194,952) | — | — | (194,952) |
90 | Notes to Financial Statements |
Fund | Management Fee |
Elfun International Equity Fund | 0.21% |
Elfun Trusts | 0.14% |
Elfun Diversified Fund | 0.17% |
Elfun Tax-Exempt Income Fund | 0.16% |
Elfun Income Fund | 0.17% |
Elfun Government Money Market Fund | 0.10% |
Expiration Date | Amount |
12/31/2024 | $233,832 |
12/31/2025 | $43,973 |
Notes to Financial Statements | 91 |
U.S. Government Obligations | Other Securities | ||||
Fund | Purchases | Sales | Purchases | Sales | |
Elfun International Equity Fund | $— | $— | $11,962,619 | $16,932,770 | |
Elfun Trusts | — | — | 723,224,024 | 824,396,961 | |
Elfun Diversified Fund | 9,757,035 | 6,760,270 | 15,900,063 | 25,859,464 | |
Elfun Tax-Exempt Income Fund | — | — | 245,692,191 | 280,635,389 | |
Elfun Income Fund | 21,037,897 | 18,150,678 | 12,624,469 | 17,938,341 |
Fund | Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) |
Elfun International Equity Fund | $124,395,143 | $62,167,336 | $7,381,085 | $54,786,251 |
Elfun Trusts | 1,828,954,468 | 2,412,599,089 | 37,144,854 | 2,375,454,235 |
Elfun Diversified Fund | 157,686,782 | 39,879,690 | 8,607,883 | 31,271,807 |
Elfun Tax-Exempt Income Fund | 969,121,010 | 11,081,222 | 18,756,601 | (7,675,379) |
Elfun Income Fund | 177,878,975 | 1,027,523 | 13,104,489 | (12,076,966) |
Elfun Government Money Market Fund | 291,837,497 | — | 149,979,732 | (149,979,732) |
92 | Notes to Financial Statements |
Notes to Financial Statements | 93 |
94 | Notes to Financial Statements |
• | A report prepared by an independent third-party provider of investment company data, which includes for each Fund: |
○ | Comparisons of the Fund’s performance over the past one-, three-, five- and ten-year periods ended December 31, 2023, to the performance of an appropriate benchmark provided by Broadridge Financial Solutions, Inc. (“Broadridge”) for the Fund (the “Benchmark”) and a universe of other mutual funds with similar investment objectives and policies (the “Performance Group” and/or the “Performance Universe”) constructed by Broadridge; |
○ | Comparisons of the Fund’s expense ratio (with detail of component expenses) to the expense ratios of a group of comparable mutual funds selected by the independent third-party data provider (the “Expense Group” and/or “Expense Universe”); |
○ | A chart showing the Fund’s historical average net assets relative to its total expenses, management fees, and non-management expenses over the past five calendar years; and |
95 |
○ | Comparisons of the Fund’s contractual management fee to the contractual management fees of comparable mutual funds at different asset levels. |
• | Comparative information concerning fees charged by the Adviser for managing institutional accounts using investment strategies and techniques similar to those used in managing the Funds, as applicable; and |
• | Profitability analyses for (a) the Adviser with respect to each Fund and (b) affiliates of the Adviser that provide services to the Funds (“Affiliated Service Providers”). |
• | Descriptions of the investment management services provided by the Adviser, including its investment strategies and processes; |
• | Information concerning the allocation of brokerage; and |
• | Information regarding the procedures and processes used to value the assets of the Funds. |
• | Reports detailing the financial results and condition of the Adviser and its affiliates; |
• | Descriptions of the qualifications, education and experience of the individual investment and other professionals responsible for managing the portfolios of the Funds and for Fund operations; |
• | Information relating to compliance with and the administration of the Code of Ethics adopted by the Adviser; |
• | Information about the Adviser’s proxy voting policies and procedures and information regarding the Adviser’s practices for overseeing proxy vendors; |
• | Information concerning the resources devoted by the Adviser to overseeing compliance by the Funds and their service providers, including information concerning compliance with investment policies and restrictions and other operating policies of the Funds; |
• | A description of the adequacy and sophistication of the Adviser’s technology and systems with respect to investment and administrative matters and a description of any material improvements or changes in technology or systems in the past year; |
• | A description of the business continuity and disaster recovery plans of the Adviser; and |
• | Information regarding the Adviser’s risk management processes. |
• | Information concerning the nature, extent, quality and cost of services provided to the Funds by SSGA FM in its capacity as the Fund’s administrator (the “Administrator”); |
• | Information concerning the nature, extent, quality and cost of various non-investment management services provided to the Funds by affiliates of the Adviser, including the custodian, sub-administrator and fund accountant of the Funds, as applicable, and the role of the Adviser in managing the Funds’ relationship with these service providers; |
• | Copies of the Advisory Agreement and agreements with other service providers of the Funds; |
• | Responses to a request for information reviewed prior to the April 3, 2024 and May 8-9, 2024 meetings by Independent Counsel, requesting specific information from each of: |
○ | SSGA FM, in its capacity as the Funds’ Adviser and Administrator, with respect to its operations relating to the Funds and its approximate profit margins from such operations for the calendar year ended December 31, 2023; and the relevant operations of other Affiliated Service Providers to the Funds, together with their approximate profit margins from such relevant operations for the calendar year ended December 31, 2023; |
96 |
○ | State Street Bank and Trust Company (“State Street”), the sub-administrator, custodian, and fund accountant for the Funds, with respect to its operations relating to the Funds; and |
○ | State Street Global Advisors Funds Distributors, LLC, the principal underwriter and distributor of the shares of the Funds (the “Distributor”), with respect to its operations relating to the Funds; |
• | Information from SSGA FM, State Street and the Distributor with respect to the Funds providing any material changes to the previous information supplied in response to the letter from Independent Counsel prior to the executive session of the Board on May 8-9, 2024; and |
• | Materials provided by Broadridge, circulated to the Independent Trustees and to Independent Counsel. |
97 |
98 |
99 |
100 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
The Registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to the Registrant.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to the Registrant.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
Item 16. Controls and Procedures.
(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective to provide reasonable assurance that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
(a) | Not applicable to the Registrant. |
(b) | Not applicable to the Registrant. |
Item 18. Recovery of Erroneously Awarded Compensation
Not applicable to the Registrant.
Item 19. Exhibits.
(a)(1) Not applicable; this Form N-CSR is a Semi-Annual Report.
(a)(2) Not applicable to the Registrant.
(a)(4) Not applicable to the Registrant.
(a)(5) Not applicable.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ELFUN GOVERNMENT MONEY MARKET FUND
By: | /s/ Ann M. Carpenter | |
Ann M. Carpenter | ||
President (Principal Executive Officer) | ||
Date: September 6, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Ann M. Carpenter | |
Ann M. Carpenter | ||
President (Principal Executive Officer) | ||
Date: September 6, 2024 | ||
By: | /s/ Bruce S. Rosenberg | |
Bruce S. Rosenberg | ||
Treasurer (Principal Financial and Accounting Officer) | ||
Date: September 6, 2024 |